IRVING, Texas, March 28 /PRNewswire/ -- Exxon Mobil Corporation
(NYSE: XOM) announced today that its subsidiary, Mobil Alaska Pipeline
Company, has signed an agreement to sell its 3.0845 percent interest in the
Trans Alaska Pipeline System to a unit of The Williams Companies, Inc. Terms
of the sale were not disclosed. This agreement satisfies conditions required
by the Federal Trade Commission and the four western states which signed a
parallel consent order for approving the ExxonMobil merger.
Closing of this sale is subject to the preferential rights of the other
owners of the pipeline system, as well as approval of the Federal Trade
Commission and the State Attorneys General of Alaska, California, Oregon and
Washington.
The agreement provides for the sale of Mobil Alaska Pipeline Company's
3.0845 percent interest in the pipeline and a corresponding percentage of the
Valdez Terminal. ExxonMobil Pipeline Company will retain its 20 percent
interest in the Trans Alaska Pipeline System.
The Trans Alaska Pipeline is one of the largest pipeline systems in the
world, transporting approximately one million barrels per day of crude oil
800 miles from Prudhoe Bay on the state's North Slope to the Port of Valdez in
the south. The pipeline was built between 1974 and 1977 at a cost of
approximately $8 billion.
Exxon Mobil Corporation is a leading global oil, natural gas and
petrochemicals company whose subsidiaries have operations in about
200 countries. Exxon Mobil Corporation was formed by the merger of Exxon and
Mobil on November 30, 1999.
SOURCE Exxon Mobil Corporation
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CONTACT:
Dave Dickson of Exxon Mobil Corporation,
972-444-1108
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