SUBSCRIBE
PROFILE

ExxonMobil enters exclusive talks to sell its stake in Esso S.A.F.

ExxonMobil plans to sell its 82.89% stake in Esso S.A.F. to North Atlantic France, valuing shares based on €1.49bn cash holdings and a price subject to several adjustments.

Share:

Subscribe for unlimited access to all the latest energy sector news.

Over 150 multisector articles and analyses every week.

For less than €3/week*

*For an annual commitment

*Engagement annuel à seulement 99 € (au lieu de 149 €), offre valable jusqu'au 30/07/2025 minuit.

SUBSCRIBE
The American oil group ExxonMobil has announced it has entered exclusive negotiations with North Atlantic France SAS to sell its 82.89% stake in Esso S.A.F. through a put option agreement. The transaction includes a complex valuation mechanism based on available cash, the value of crude oil inventories, and a ticking…

The American oil group ExxonMobil has announced it has entered exclusive negotiations with North Atlantic France SAS to sell its 82.89% stake in Esso S.A.F. through a put option agreement. The transaction includes a complex valuation mechanism based on available cash, the value of crude oil inventories, and a ticking fee clause.

A multi-level adjusted valuation

The base price of the transaction is set at €149.19 per share before distribution, or €32.83 per share after deducting a projected distribution of €116.36 per share. The valuation is based on an estimated €1.495bn in cash as of 31 December 2024 and a total equity value of Esso S.A.F. at €422mn. Adjustments will apply, notably through a ticking fee mechanism on two capital tranches: €362mn at €STR + 2% and €950mn at 2.40%, starting from 2 March 2025 until the completion of the sale.

Impact of distributions and asset sales

ExxonMobil is also planning an additional distribution of up to €63.36 per share, on top of a €53 dividend proposed to the general assembly on 4 June 2025. Asset disposals, including trademarks and lubricant and specialty product operations, will increase available cash and affect the final transaction price.

Transaction subject to multiple approvals

The transaction is subject to regulatory approvals and the finalisation of financing agreements. Completion is expected in the fourth quarter of 2025. Additionally, ExxonMobil intends to sell its stake in ExxonMobil Chemical France SAS to North Atlantic.

Towards a public tender offer in 2026

Following completion of the sale of the controlling block, North Atlantic would be required to launch a mandatory public tender offer for the remaining Esso S.A.F. shares under the same financial terms. If legal thresholds are met, a squeeze-out procedure could be initiated. The offer is expected to be filed in the first quarter of 2026.

Esso S.A.F. has been informed of North Atlantic’s intention to maintain current employment and benefits. The company expressed its willingness to cooperate with all parties involved and ensure operational continuity, notably through long-term agreements with ExxonMobil affiliates for crude supply, product exchanges and continued use of certain brands.

  • Popular on energynews.pro
RWE secures two solar projects in North Rhine-Westphalia through a federal tender
IBM and NASA launch AI model to anticipate solar storm risks
Oman Unlocks $500 Million to Exploit Its Copper and Chrome Reserves
Pietro Mendes resigns from Petrobras to lead Brazilian oil agency ANP
Bahrain signs strategic energy agreement with EOG Resources
Westbridge Reduces Common Shares by Four to Attract Institutional Investors
Westbridge Renewable Energy will implement a share consolidation on August 22, reducing the number of outstanding shares by four to optimize its financial market strategy.
T1 Energy strengthens its U.S. solar strategy and reaffirms 2025 targets
T1 Energy secures a wafer supply contract, signs 437 MW in sales, and advances G2_Austin industrial deployment while maintaining EBITDA guidance despite second-quarter losses.
Masdar mobilizes USD 1.685 billion for energy projects through green bonds
Masdar has allocated the entirety of its 2023–2024 green bond issuances to solar, wind, and storage energy projects, while expanding its financial framework to include green hydrogen and batteries.
Energiekontor issues a €15 million green bond for its European projects
Energiekontor launches a €15 million corporate bond at 5.5% over eight years, intended to finance wind and solar projects in Germany, the United Kingdom, France, and Portugal.
United States: 2024 Capex and M&A Strengthen Producers’ Energy Advantage
The 2025 EY study on 40 groups shows capex driven by mega-deals, oil reserves at 34.7 billion bbl, gas at 182 Tcf, and pre-tax profits declining amid moderate prices.
Ampol’s Half-Year Profit Drops 23% but Exceeds Market Expectations
Australian fuel distributor Ampol reports a 23% drop in net profit, impacted by weak refining margins and operational disruptions, while surpassing market forecasts.
Puerto Rico faces a sharp rise in power outages in 2024
Puerto Rico customers experienced an average of 73 hours of power outages in 2024, a figure strongly influenced by hurricanes, according to the U.S. Energy Information Administration.
CITGO posts $100 million net profit in second quarter 2025
CITGO returns to profitability in Q2 2025, supported by maximum utilization of its refining assets and adjusted capital expenditure management.
MARA invests $168mn to acquire 64% stake in EDF’s subsidiary Exaion
MARA strengthens its presence in digital infrastructure by acquiring a majority stake in Exaion, a French provider of secure high-performance cloud services backed by EDF Pulse Ventures.
ACEN reaches 2,100 MW of attributable renewable capacity in India
ACEN strengthens its international strategy with over 2,100 MWdc of attributable renewable capacity in India, marking a major step in its expansion beyond the Philippines.
RWE posts €2.1bn adjusted EBITDA in H1 2025 despite adverse wind conditions
German group RWE maintains its annual targets after achieving half its earnings-per-share forecast, despite declining revenues in offshore wind and trading.
OT Cyberattacks: Energy Sector Faces $329 Billion in Risks
A Dragos report reveals the scale of cyber vulnerabilities in global energy infrastructures. Potential losses reach historic highs.
New Fortress Energy delays release of quarterly results due to debt negotiations
The US liquefied natural gas producer is extending its filing deadlines with the regulator, citing ongoing talks over additional credit support.
NRN raises $67.2m to accelerate its distributed energy platform in Australia
Australian company NRN has closed a $67.2m funding round, combining equity and debt, to develop its distributed energy infrastructure platform and expand its decentralised storage and generation network.
Tesla applies to supply electricity to British households
The American manufacturer is seeking a licence from the UK energy regulator to distribute electricity in the United Kingdom, marking its first move into this sector outside Texas.
Diversified Energy posts 79% revenue increase in first half of 2025
The US oil and gas producer increased production and cash flow, driven by the Maverick integration and a $2 billion strategic partnership with Carlyle.
Boralex reports a decline in EBITDA in Q2 despite increased production
Boralex saw its earnings before interest, taxes, depreciation and amortization fall by 13% in the second quarter of 2025, despite a 14% increase in production, due to less favourable prices in France and lower revenues from joint ventures.
CES Energy Solutions posts record revenue in Q2 2025
The Canadian supplier of chemical solutions for the oil industry generated CAD574 mn ($419.9 mn) in revenue in the second quarter, up 4% year-on-year, and announced a quarterly dividend.
EnBW maintains 2025 guidance despite 7% drop in EBITDA
EnBW posted adjusted EBITDA of €2.4 billion in the first half of 2025, supported by its diversified operations, and confirmed its annual targets despite unfavourable weather conditions.
Joule, Caterpillar and Wheeler launch 4 GW energy project for data centres in Utah
Joule, Caterpillar and Wheeler have signed a partnership to provide four gigawatts of energy to a next-generation data centre campus in Utah, integrating battery storage and advanced cooling solutions.
Consent Preferences