Exxon, Imperial to sell Canada assets to Whitecap for $1.5 billion

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Exxon and Imperial, which jointly own the assets, began marketing them at the start of this year, hoping to capitalize on a rebound in oil and gas prices.

The assets were valued at up to $1 billion in January by industry insiders.

A strong run-up in commodity prices since then, with Russia’s invasion of Ukraine stoking global supply concerns, has pushed up the value of oil and gas properties across North America.

Imperial’s share in the sale will be around C$940 million, the companies said on Tuesday.

The assets being sold include 567,000 net acres in the Montney shale play, 72,000 net acres in the Duvernay basin and additional acreage in other areas of Alberta.

Net production from the 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, according to the companies.

($1 = 1.2872 Canadian dollars)