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Canada: Imperial, Exxon Deal Offers Industry Hope of Alberta Oil Turnaround

2013-08-09 06:00:00| Climate Ark Climate Change & Global Warming Newsfeed

Globe and Mail: Imperial Oil Ltd. and Exxon Mobil Corp. have teamed up to buy a major Alberta oil sands property from ConocoPhillips for $751-million, ending a drought of large deals for bitumen-rich lands that had persisted since the start of the year. ConocoPhillips has had a package of oil patch assets on the auction block since early 2012. In that time, however, the deal flow in the industry slowed to a trickle. The U.S. energy giant now says that in addition to selling the oil sands assets to Imperial and...

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