Exxon Mobil to sell Romania-based affiliate for more than $1 billion

Shares of Exxon Mobil Corp. rose 0.6% in morning trading Tuesday after the oil and gas giant announced an agreement to sell its ExxonMobil Exploration and Production Romania upstream affiliate for more than $1 billion to Romgaz. The deal, which is expected to close in the second quarter of 2022, includes all shares of the affiliate, along with interest in the XIX Neptun Block offshore Romania. Exxon Mobil’s stock has run up 42.1% year to date, while teh SPDR Energy Select Sector ETF has rallied 38.7% and the S&P 500 has dropped 12.5%.

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