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1/3, 5:26 PM (Source: TeleTrader)
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Exxon expects up to $3.6B from Norway asset sale

American oil and gas corporation Exxon Mobil plans to considerably improve its results for the fourth quarter by selling its assets in Norway to Var Energi As, a company owned by Italian supermajor Eni S.p.A, according to Friday's regulatory filing.

The sale of the Norwegian assets is projected to contribute between $3.4 and $3.6 billion to Exxon's total income, which should offset the lower margins of the company's refinery and chemicals businesses in the process. Previously, Exxon had reported its earnings dropped 49% in the third quarter annually.

Exxon Mobil stocks on Wall Street decreased by 0.28% at 11:05 am ET, trading for $70.71 a share.

Breaking the News / ND