Energy XXI Ltd. announced Sunday that it has finalized a deal to buy oil and natural gas properties in the Gulf of Mexico from ExxonMobil for $1.01 billion. The announcement comes a little more than a month after ExxonMobil confirmed it was planning to sell some of its Gulf assets.
Included in the deal are nine properties that sit on the Gulf shelf at depths of 470 feet or less and lie between other Energy XXI operations. In a statement announcing the deal, Energy XXI chairman and chief executive John Schiller said, “The Exxon Mobil properties are an a extraordinary fit with our existing, oil focused core assets.”
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