ExxonMobil to Sell U.K. Upstream Central and Northern North Sea Assets
Sale price of more than
$1 billionadvances divestment plans, further focusing portfolio on advantaged assets
ExxonMobilretains extensive refining and fuels marketing, lubricants, petrochemicals production and natural gas marketing business in the U.K.
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The sale includes ExxonMobil’s interests in 14 producing fields in the
“We continue to high-grade our portfolio by divesting assets that are less strategic and focusing our investments on our advantaged projects that are among the best in the industry,” said
The agreement includes ownership interests in 14 producing fields operated primarily by Shell, including Penguins, Starling,
The transaction is expected to close by the middle of 2021, subject to regulatory and third-party approvals.
Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including closing of agreed divestments and realization of contingency payments; performance of and results from other investments; and other business plans, could vary significantly depending on a number of factors including the supply and demand for oil, gas, and petroleum products and other market factors affecting the oil, gas, and petrochemical industries; the severity, length and ultimate impact of COVID-19 on people and economies and actions of governments in response to the pandemic; obtaining necessary approvals and consents and satisfaction of other conditions precedent contained in the applicable agreements; satisfaction of conditions affecting contingent payments; the development and competitiveness of alternative technologies; actions of competitors and commercial counterparties; political and regulatory developments including environmental regulations the outcome of commercial negotiations; and other factors discussed in this release and under Item 1A Risk Factors in ExxonMobil’s most recent annual report on Form 10-K and under the heading “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com.