Exxon expects gain of $3.4 billion-$3.6 billion from Norway asset sale to boost results

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seFILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba
FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

January 3, 2020

(Reuters) – Exxon Mobil Corp expects a gain of $3.4 billion to $3.6 billion from the sale of its Norwegian oil and gas production assets to significantly lift results for the fourth quarter, according to a regulatory filing on Friday.

The gain from the sale of the assets to Var Energi AS is also expected to offset lower margins in the company’s refining and chemicals operations.

Results from the company’s oil production business are expected to be largely flat compared to the third quarter, it said in the filing.

Exxon last year began disclosing quarterly comparisons just after the period ended to deliver more timely information on its businesses to investors. Official results for the fourth quarter are due Jan. 31.

(Reporting by Shariq Khan in Bengaluru; Editing by Maju Samuel)

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