Exxon Mobil has recently sold its Norwegian oil and gas production assets for approximately $3.4 billion to $3.6 billion.

The sale of these assets to Var Energy AS is expected to boost the margins of Exxon’s struggling chemical and refining business.

Exxon’s performance in the third quarter has been lackluster, and the company is anticipated to have a relatively average fourth quarter, as reported in a recent filing.

Over the past five years, Exxon Mobil has faced difficulties in keeping up with its competitors. In response to this performance challenge, the company has made adjustments to its growth strategy. This downward trend in performance has persisted for much of the last decade, with rivals like Permian, BP, and Chevron surpassing Exxon’s growth.

Major oil companies experienced a slowdown in growth over consecutive years, but since 2018, there has been an improvement in their growth prospects. The oil industry is particularly sensitive to fluctuations in oil prices, which can impact growth disproportionately compared to other sectors.

The recent sale of Exxon’s Norwegian assets is anticipated to enhance the company’s performance in the fourth quarter, and the results are expected to be released on January 31st.