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Exxon Mobil Says Q4 Earnings Will Benefit From Var Energi Sale

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Exxon Mobil Says Q4 Earnings Will Benefit From Var Energi Sale

A Friday 8-K filing by Exxon Mobil (NYSE: XOM) shows the company expects to gain $3.4 billion to $3.6 billion from the sale of its upstream Norwegian oil and gas assets, lifting its fourth-quarter earnings results.

Exxon Mobil agreed to sell its Norwegian oil and gas assets to Var Energi AS for $4.5 billion in September 2019, according to Reuters.

The gain from the sale 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.

Exxon Mobil shares were down 0.54% at $70.52 at the time of publication Friday. The stock has a 52-week high of $83.49 and a 52-week low of $66.30.

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Exxon Mobil Remains On Track To More Than Double Earnings By 2025

Photo by WClarke via Wikimedia

 

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