Exxon Seeks Sale of Canadian Shale Assets to Focus on Oil Sands

Exxon has prioritized key projects in Guyana, the U.S. Permian Basin as well as oil-refining and chemical build-outs since a strategic reboot in 2020, when the company posted its first annual loss in four decades. Imperial is a major producer in Alberta’s oil sands, which hold the world’s third-largest oil reserves.

Exxon and Imperial each own 50% of XTO. A definitive decision on the sale hasn’t been made and XTO’s operations continue as normal throughout the process, Imperial said.