Canada’s Imperial Oil Ltd. said Monday it will sell some oil and gas assets in Western Canada to Whitecap Resources Inc. for about C$855 million ($771 million).
Calgary-based Imperial, majority owned by Exxon Mobil Corp., said the assets produced about 15,000 oil-equivalent barrels a day in 2013, with production split evenly between oil and gas, the Wall Street Journal reported.
The assets are in the Western Canadian provinces of British Columbia and Alberta.
Imperial’s overall production last year averaged about 295,000 oil-equivalent barrels a day.
Imperial Oil operates the C$13-billion Kearl oil-sands project in Alberta. It’s expected to produce up to 345,000 barrels a day at full capacity by 2020, the Wall Street Journal said.
“A C$7 billion expansion of the Kearl project is under way, with startup targeted in 2015,” the WSJ said.
Whitecap said it plans to fund the purchase with a C$500 million equity financing and debt.