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Exxon to sell Scarborough gas field stake to Woodside Petro for $744M

Published 02/13/2018, 07:02 PM
© Reuters.  Exxon to sell Scarborough gas field stake to Woodside Petro for $744M
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  • Exxon Mobil (NYSE:XOM) agrees to sell its 50% interest in the Scarborough gas field off Western Australia from Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) for $744M, with part of the total due pending Woodside's final investment decision on developing the field.
  • Scarborough’s once-promising trove of gas fell out of favor with XOM as more profitable, less risky liquefied natural gas opportunities arose places such as Papua New Guinea and Mozambique.
  • Woodside, which also reports FY 2017 net profit of $1.02B, up from $868M last year and nearly matching the $1.06B analyst consensus estimate, says it will raise A$2.5B (US$1.96B) from shareholders to fund the purchase of XOM's stake as well as developments in Australia and Senegal.
  • Now read: Exxon Mobil: Disappointment Masks Opportunity


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