Imperial to Market XTO Energy Canada Interests
Imperial (TSE, NYSE American: IMO) has announced its intention to market its interests in XTO Energy Canada jointly with ExxonMobil Canada.
The company said this decision is part of its ongoing evaluation of its unconventional portfolio and is consistent with its strategy to focus upstream resources on key oil sands assets. A definitive decision to sell the assets has not been made, Imperial highlighted, adding that operations will continue as normal throughout the marketing process and should the process not result in a sale.
The assets include 568,000 net acres in the Montney shale, 85,000 net acres in the Duvernay shale and additional acreage in other areas of Alberta, Imperial outlined. Net production from these assets is said to be about 140 million cubic feet of natural gas per day and about 9,000 barrels of crude, condensate and natural gas liquids per day.
Imperial and ExxonMobil Canada each own 50 percent of XTO Energy Canada. The business is described on XTO Energy’s website as a leading natural gas and oil producer in Western Canada with expertise in developing tight gas, shale gas, coal bed methane and unconventional oil resources.
Formed by 16 southwestern Ontario refiners back in 1880, Imperial describes itself as an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. The business explores for, produces, refines and markets energy products.
In its latest financial results statement, Imperial reported estimated net income in the third quarter of 2021 of $727.6 million (CAD$908 million) and cash flow from operating activities of $1.55 billion (CAD$1.94 billion), which it highlighted was up from a net income of $293.2 million (CAD$366 million) and cash flow from operating activities of $682.7 million (CAD$852 million) in the second quarter of 2021.
Imperial noted in the statement that third quarter results reflect increased production and throughput, the absence of significant planned turnaround activity and continued strength in commodity prices.
To contact the author, email andreas.exarheas@rigzone.com
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