OMVJF - Exxon to sell Romanian affiliate for more than $1B

Exxon Mobil (NYSE:XOM) said Tuesday it agreed to sell its Romanian upstream affiliate to Romgaz for more than $1B, subject to Romanian government approvals. The deal includes all shares of the affiliate along with interest in the XIX Neptun Block offshore Romania. OMV Petrom, controlled by Austria's OMV (OTCPK:OMVJF), will assume operatorship on the block. "Exxon Mobil is a great stock for a high inflation environment," The Value Portfolio writes in a bullish analysis published recently on Seeking Alpha.

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Exxon to sell Romanian affiliate for more than $1B