ExxonMobil to Sell More Than $1 Billion of U.K. Offshore Assets

ExxonMobil (NYSE: XOM) announced today that it has agreed to sell most of its non-operated upstream oil and gas assets in the U.K.'s central and northern North Sea to NEO Energy. The oil giant will receive more than $1 billion for the properties upon closing, which should occur by the middle of this year. On top of that, it could receive up to $300 million of additional contingent payments based on higher commodity prices.

The sale includes stakes in 14 producing oil fields in the North Sea and interests in the associated infrastructure. Shell (NYSE: RDS.A)(NYSE: RDS.B) operates most of these properties, while Total (NYSE: TOT) is the operator of one field. Exxon's share of the production from these fields averaged about 38,000 barrels of oil equivalent per day in 2019. 

Image source: Getty Images.

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Source Fool.com