Deal insight

ExxonMobil sells US$1bn Norwegian operated upstream business to PE-backed Point Resources

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Report summary

On 29 March 2017 Point Resources announced it had acquired ExxonMobil's operated upstream business in Norway for an undisclosed amount. Wood Mackenzie values the portfolio at US$987 million. The deal is transformational for Point Resources. Production in 2017 will rocket from 5 000 boe/d to 48 000 boe/d. The acquisition of this package including the assets and operational knowhow of the 300 acquired personnel will allow Point Resources to fulfil its ambition of becoming one of the leading E&P companies on the NCS. For ExxonMobil the deal allows it to streamline its Norwegian business and reduces its decommissioning liability. Norway will remain a core legacy play for ExxonMobil through its non operated positions valued at US$2 billion although the country is becoming more peripheral in its global portfolio

What's included

This report contains

  • Document

    ExxonMobil sells US$1bn Norwegian operated upstream business to PE-backed Point Resources

    PDF 371.03 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 9 images and tables including:

Images

  • Point Resources production and capex outlook
  • Point Resources plans to boost production at Balder & Ringhorne
  • Point Resources peer production outlook in 2017

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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