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Divestment Activities
12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Divestment Activities Divestment Activities
In 2023, the Corporation realized proceeds of approximately $4.1 billion and recognized net after-tax earnings of approximately $0.6 billion from its divestment activities. This included the sale of the Aera Energy joint venture, Esso Thailand Ltd., the Billings Refinery, certain unconventional assets in the United States, as well as other smaller divestments.
In 2022, the Corporation realized proceeds of approximately $5.2 billion and recognized net after-tax earnings of approximately $0.4 billion from its divestment activities. This included the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments.
In February 2022, the Corporation signed an agreement with Seplat Energy Offshore Limited for the sale of Mobil Producing Nigeria Unlimited. The agreement is subject to certain conditions precedent and government approvals. In early July 2022, a Nigerian court issued an order to halt transition activities and enter into arbitration with the Nigerian National Petroleum Company. The closing date and any loss on sale will depend on resolution of these matters.
On February 14, 2024, the Corporation closed the sale of the Santa Ynez Unit and associated facilities in California. The Corporation expects no material impacts on its first quarter 2024 financial statements.