Exxon Mobil to Market up to $1 Billion in Canadian Shale Assets

Exxon Mobil and affiliate Imperial Oil each own 50% of XTO Energy Canada, operator of their Canadian shale business.

Arunima Kumar, Reuters

Exxon Mobil Corp. on Jan. 12 plans to offer for sale shale oil and gas properties in Western Canada, a decision that could make oil sands its largest Canadian onshore production business.

The top U.S. oil producer last year accelerated efforts to divest smaller oil and gas operations and use any proceeds to pay down debt acquired as the coronavirus pandemic triggered losses.

Exxon Mobil and affiliate Imperial Oil Ltd. each own 50% of XTO Energy Canada, operator of their Canadian shale business. XTO pumps about 9,000 bbl/d of liquids and 140 MMcf/d of natural gas in Canada.

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