Blog Coverage Exxon Mobil Sells Upstream Business in Norway

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LONDON, UK / ACCESSWIRE / March 30, 2017 / Active Wall St. blog coverage looks at the headline from Exxon Mobil Corp. (NYSE: XOM). On March 29, 2017, HitecVision and its majority owned portfolio company Point Resources announced the signing of an agreement to acquire Exxon Mobil Corporation’s (NYSE: XOM) upstream business in Norway from Exxon Mobil Exploration and Production Norway AS for an undisclosed amount. Register with us now for your free membership and blog access at:

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One of Exxon Mobil’s competitors within the Major Integrated Oil & Gas space, Chevron Corp. (NYSE: CVX), is estimated to report earnings on May 05, 2017. AWS will be initiating a research report on Chevron following the release of its earnings results.

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The transaction includes a transfer of the majority of Exxon Mobil’s offshore and onshore E&P staff in Norway, a significant package of operated producing assets on the Norwegian Continental Shelf, field assets such as platforms and Floating Production Storage and Offloading vessels (FPSOs), as well as the Company’s office building in Sandnes, near Stavanger. The transaction is subject to customary regulatory and partner consents and is expected to complete in Q4 2017, with an effective date of 01 January 2017.

On completion of the transaction, the combined Company will become one of the top independent oil and gas producers on the Norwegian Continental Shelf.

Norway Assets

Production in 2016 from the combined assets was about 60,000 barrels of oil equivalent per day (boepd), of which about 54,000 from the Exxon Mobil operated fields. With an asset portfolio that includes several fields in the development phase, the combined Company has the potential to grow its production base organically to over 80,000 boepd by 2022, and will have reserves and contingent resources of about 350 million barrels of oil equivalent.

The acquired business has about 300 employees, including both onshore and offshore operations staff, together with other technical and support functions. The transaction emphasizes the fact that the world’s largest listed oil firm will no longer be operating producing fields in the Norwegian continental shelf.

The business to be acquired comprises Exxon Mobil’s operated interests in the producing Balder (100%), Ringhorne (100%), and Ringhorne Øst (77%) fields. It also includes partially developed Forseti field (100%), the Jotun Unit, where production ceased in 2016 (90%) and adjoining exploration areas that contain a number of undrilled prospects. Also included in the transaction is the Jotun A floating production facility and Exxon Mobil’s Sandnes offices.

About the Investors

HitecVision is Europe’s leading private equity investor focused on the upstream offshore oil and gas industry, with USD 5 billion (NOK 42 billion) under management. HitecVision is headquartered in Stavanger with other offices in Oslo and Houston. Point Resources was formed in 2016 from the merger of Core Energy, Spike Exploration, and Pure Exploration to create a new full cycle Exploration and Production Company on the Norwegian Continental Shelf.

Stock Performance

On Wednesday, March 29, 2017, the stock closed the trading session at $82.02, rising slightly by 0.22% from its previous closing price of $81.84. A total volume of 8.49 million shares have exchanged hands. Exxon Mobil’s stock price advanced 0.86% in the last month, 0.32% in the past six months, and 0.48% in the previous twelve months. The stock is trading at a PE ratio of 43.70 and has a dividend yield of 3.66%.

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