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ExxonMobil agrees sale of UK North Sea assets to NEO in $1billion deal - News for the Oil and Gas Sector


ExxonMobil agrees sale of UK North Sea assets to NEO in $1billion deal
ExxonMobil has agreed to sell a package of UK northern and central North Sea assets to NEO Energy in a deal worth more than $1billion (£707.3m).
Updated: 24/02/2021, 3:53 pm
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ExxonMobil has agreed to sell a package of UK northern and central North Sea assets to NEO Energy in a deal worth more than $1billion (£707.3m). ....

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Exxon Mobil Corporation: ExxonMobil to Sell U.K. Upstream Central and Northern North Sea Assets


Exxon Mobil Corporation: ExxonMobil to Sell U.K. Upstream Central and Northern North Sea Assets
Sale price of more than $1 billion advances divestment plans, further focusing portfolio on advantaged assets
ExxonMobil retains extensive refining and fuels marketing, lubricants, petrochemicals production and natural gas marketing business in the U.K.
ExxonMobil has signed an agreement with HitecVision, through its wholly owned portfolio company NEO Energy, for the sale of most of ExxonMobil s non-operated upstream assets in the United Kingdom central and northern North Sea. The sale price of more than $1 billion is subject to closing adjustments, and has additional upside of approximately $300 million in contingent payments based on potential for increase in commodity prices. ....

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


Author Bio
Matthew is a senior energy and materials specialist with The Motley Fool. He graduated from Liberty University with a degree in Biblical Studies and a Masters of Business Administration. You can follow him on Twitter for the latest news and analysis of the energy and materials industries: Follow @matthewdilallo
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. ....

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