This decision is part of Imperial’s ongoing evaluation of its unconventional portfolio, and is consistent with its strategy to focus upstream resources on key oil sands assets
Imperial to market interests in Montney and Duvernay assets. (Credit: John R Perry from Pixabay)
Imperial (TSE: IMO, NYSE American: IMO) today announced its intention to market its interests in XTO Energy Canada jointly with ExxonMobil Canada. Imperial and ExxonMobil Canada each own 50 percent of XTO Energy Canada, which includes assets in the Montney and Duvernay areas of central Alberta.
This decision is part of Imperial’s ongoing evaluation of its unconventional portfolio, and is consistent with its strategy to focus upstream resources on key oil sands assets. A definitive decision to sell the assets has not been made. Operations will continue as normal throughout the marketing process and should the process not result in a sale.
Imperial and ExxonMobil Canada have retained RBC Capital Markets as their exclusive financial advisor in connection with this process.
The assets include 568,000 net acres in the Montney shale, 85,000 net acres in the Duvernay shale and additional acreage in other areas of Alberta. Net production from these assets is about 140 million cubic feet of natural gas per day and about 9,000 barrels of crude, condensate and natural gas liquids per day.
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
Source: Company Press Release