Exxon Mobil to sell some of its Norway assets for $4.5 billion

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A pigeon flies over a Exxon mobil gas station on October 25, 2018 in Gutenberg New Jersey.

Kena Betancur | Corbis News | Getty Images

Exxon Mobil said on Thursday it’s selling its upstream assets in Norway for $4.5 billion.

The sale, involving more than 20 producing fields operated mostly by Norwegian energy company Equinor, is a part of its plan to divest approximately $15 billion in assets by 2021, Exxon Mobil said.

“Our objective is to have the strongest, most competitive Upstream portfolio in the industry,” said Neil Chapman, senior vice president of Exxon Mobil, in a statement. “We’re achieving that by adding the best set of projects we’ve had in many years and divesting assets that have lower long-term strategic value.”

The transaction is expected to close in the fourth quarter of 2019, the company said. Exxon Mobil will continue its downstream refining operations in Norway.

Shares of Exxon Mobil were down 0.5% on Thursday.

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