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Report: Exxon in advanced negotiations to sell Gulf of Mexico assets to Repsol

Exxon Mobil Corp. is in advanced negotiations to sell its U.S. Gulf of Mexico deepwater assets to Spain's Repsol SA for around $1 billion, according to a Sept. 9 report from Reuters citing unnamed sources.

There is no certainty a deal will push through, the sources told Reuters. Exxon Mobil's project partners in the assets would also need to approve any transaction as they may hold preferential rights to acquire the assets, the report said.

The report did not provide details on how many assets Repsol intends to purchase.

In 2018, Exxon was marketing nine Gulf of Mexico assets, including its 50% stake in the Julia oil field, a 9.4% interest in the Heidelberg field and a 23% stake in the Lucius oil and gas field, Reuters reported. Exxon operates the Julia field, while the two others are operated by Occidental Petroleum Corp.

Exxon is aiming to sell $15 billion of assets through 2021 to raise cash to sustain earnings growth, return dividends to shareholders and fund major projects. Exxon earlier signed an exclusivity deal with Eni SpA subsidiary Vår Energi AS for the possible sale of its upstream assets in Norway.