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Imperial Oil to sell western Canada oil and gas assets for $771M

  • Imperial Oil (IMO +0.9%) agrees to sell certain oil and gas assets in western Canada to Whitecap Resources (SPGYF) for ~C$855M ($771M).
  • IMO, majority owned by Exxon Mobil (XOM), says the assets produced ~15K boe/day in 2013, with production split evenly between oil and gas; the amount is ~5% of IMO's total average daily output.
  • The sale comes as IMO focuses on its C$13B Kearl oil sands project in Alberta, which began operations last year and a C$7B expansion is underway; Kearl is expected to produce up to 345K bbl/day at full capacity by 2020.
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