Imperial Oil Plans Asset Sale: Imperial Oil...

Imperial Oil Plans Asset Sale: Imperial Oil Ltd., a subsidiary of Exxon Corp., said it expects to sell $843 million in assets following its recent acquisition of Texaco Inc.’s Canadian unit. The sale of oil and gas properties, refining operations and service stations “over the next few years” will help reduce debt incurred in the $4.2-billion acquisition and appease federal regulators concerned about any lessening of competition in Canada. Toronto-based Imperial, 69.6% owned by Exxon, acquired the 78% of Texaco Canada Inc. held by its parent in White Plains, N.Y., in January and the remaining stock from minority shareholders in February. Imperial is Canada’s largest producer of crude oil.