Imperial Oil (IMO) is spending $1.5B to buy into ExxonMobil’s (XOM) acquisition of fellow...

|About: Imperial Oil Ltd (IMO)|By:, SA News Editor

Imperial Oil (IMO) is spending $1.5B to buy into ExxonMobil’s (XOM) acquisition of fellow Canadian player Celtic Exploration (CEXJF.PK), gaining a 50% stake to complete the earlier transaction where XOM agreed to buy Celtic outright for ~$2.6B. The pair will gain access to 545K net acres in the liquids-rich Montney shale and 104K net acres in the Duvernay shale via the Celtic takeover.