Exxon seeks to sell Canadian shale assets to focus on oil sands

Robert Tuttle 1/13/2022

CALGARY (Bloomberg) --Exxon Mobil is looking to sell its Canadian shale assets to focus on Alberta’s oil sands.

Exxon and its majority-owned Imperial Oil Ltd. unit will start marketing XTO Energy Canada, which produces 9,000 barrels a day of crude and 140 million cubic feet a day of natural gas in the Montney and Duvernay shale formations of Alberta and other areas, Imperial said in a statement Wednesday.

Exxon has prioritized key projects in Guyana, the U.S. Permian Basin as well as oil-refining and chemical build-outs since a strategic reboot in 2020, when the company posted its first annual loss in four decades. Imperial is a major producer in Alberta’s oil sands, which hold the world’s third-largest oil reserves.

Exxon and Imperial each own 50% of XTO. A definitive decision on the sale hasn’t been made and XTO’s operations continue as normal throughout the process, Imperial said.

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