M&A Deal Summary

NEO Energy Acquires Exxon Mobil - U.K. upstream central and northern North Sea assets

On February 24, 2021, NEO Energy acquired oil/gas exploration company Exxon Mobil - U.K. upstream central and northern North Sea assets from ExxonMobil for 1.0B USD

Acquisition Highlights
  • This is NEO Energy’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is NEO Energy’s largest (disclosed) transaction.
  • This is NEO Energy’s 2nd transaction in the United Kingdom.

M&A Deal Summary
Date 2021-02-24
Target Exxon Mobil - U.K. upstream central and northern North Sea assets
Sector Oil/Gas Exploration
Buyer(s) NEO Energy
Sellers(s) ExxonMobil
Deal Type Divestiture
Deal Value 1.0B USD

Target

Exxon Mobil - U.K. upstream central and northern North Sea assets

United Kingdom
Exxon Mobil Corp.'s U.K. upstream central and northern North Sea assets include ownership interests in 14 producing fields operated primarily by Shell, including Penguins, Starling, Fram, the Gannet Cluster, and Shearwater; Elgin Franklin fields operated by Total; and interests in the associated infrastructure. Exxon Mobil Corp.'s U.K. upstream central and northern North Sea assets are based in the United Kingdom.

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Buyer(S) 1

Buyer

NEO Energy

Aberdeen, United Kingdom
Category Company
Founded 2019
Sector Oil/Gas Exploration
DESCRIPTION

NEO Energy is an independent full-cycle energy business in the UK. NEO Energy was founded in 2019 and is based in Aberdeen, Scotland.

DEAL STATS #
Overall 2 of 3
Sector (Oil/Gas Exploration) 2 of 3
Type (Divestiture) 1 of 1
Country (United Kingdom) 2 of 3
Year (2021) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 Verus Petroleum

Aberdeen, United Kingdom

Verus Petroleum is an independent oil and gas company. Verus Petroleum is based in Aberdeen, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-08 Zennor Petroleum

Surrey, United Kingdom

Zennor Petroleum is an independent oil and gas company engaged in the exploration, appraisal, development, and production of hydrocarbons on the UKCS. Its assets are located across the Central, Northern, and Southern North Sea. Zennor is an established UKCS operator and currently has a production of around 5,000 boe/day. Zennor Petroleum is based in Surrey, United Kingdom.

Buy $625M

Seller(S) 1

SELLER

ExxonMobil

Spring, Texas, United States
Category Company
Founded 1870
Sector Oil/Gas Exploration
Employees62,000
Revenue 334.7B USD (2023)
DESCRIPTION
Entrance to Exxon Mobil's corporate campus in Irving, Texas.
Entrance to Exxon Mobil's corporate campus in Irving, Texas.

ExxonMobil is a global oil and gas exploration company. ExxonMobil's principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products. ExxonMobil is a major manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a wide variety of specialty products. Exxon was incorporated in 1870 and is based in Spring, Texas.

DEAL STATS #
Overall 6 of 7
Sector (Oil/Gas Exploration) 2 of 3
Type (Divestiture) 4 of 5
Country (United Kingdom) 2 of 2
Year (2021) 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-25 Exxon Mobil - Upstream Operations

Texas, United States

Exxon Mobil Corp. - Upstream Operations comprises more than 20 producing fields that are operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 barrels of oil equivalents per day (boepd) in 2019.

Sell $4.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-20 Billings Assets

Texas, United States

ExxonMobil Billings Assets is a high-conversion, complex refinery, which processes low-cost Western Canadian and regional Rocky Mountain crude oil grades.

Sell $310M
Mergr

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