Exxon Mobil is selling its Canadian shale gas business for about $1.5 billion, marking the oil giant’s exit from areas rich in natural gas, but relatively remote and hit by a lack of pipelines and other infrastructure.
Wholly Cash Sale of XTO Energy Canada, Jointly Owned by Exxon and Subsidiaries royal oil To whitecap resource The industry’s latest move to consolidate oil-field investments in western Canada, including the Montney and DuVernay shale plays. Exxon and its partners had more than 600,000 net acres in the region, and the sale is expected to close in the third quarter.