8-KOther Events

EXXON MOBIL CORP 8-K Report (Mar 7, 2003)

Filed March 7, 2003For Securities:XOM

Summary

Exxon Mobil Corporation (XOM) filed an 8-K report on March 7, 2003, detailing the completion of a significant transaction involving its stake in Ruhrgas AG. The report confirms the transfer of Ruhrgas shares, previously held by jointly owned subsidiaries, to E.ON AG. This transaction, which was agreed upon in 2002, was finalized on March 6 and March 7, 2003, and involved assets valued at approximately $2.6 billion. This divestment of Ruhrgas AG shares represents a strategic move by Exxon Mobil, likely aimed at streamlining its portfolio and potentially unlocking capital. Investors should note that while the specific strategic rationale is not detailed in this particular filing, such a substantial asset sale typically signals a focus on core operations or a reallocation of resources. The completion of this transaction marks the end of Exxon Mobil's involvement with its Ruhrgas AG holdings.

Key Highlights

  • 1Exxon Mobil Corporation completed the transfer of its Ruhrgas AG shares on March 6 and March 7, 2003.
  • 2The Ruhrgas AG shares were held by jointly owned subsidiaries of Exxon Mobil.
  • 3The shares were transferred to E.ON AG, as previously agreed upon in 2002.
  • 4The total value of the transferred Ruhrgas AG shares was approximately $2.6 billion.
  • 5This transaction was disclosed under Regulation FD.
  • 6Donald D. Humphreys, Vice President, Controller and Principal Accounting Officer, signed the report.

Frequently Asked Questions

The main event reported is the completion of the transfer of Exxon Mobil's Ruhrgas AG shares, held by jointly owned subsidiaries, to E.ON AG. This transaction was valued at approximately $2.6 billion and was finalized on March 6 and 7, 2003.

This 8-K filing does not provide the specific strategic reasons for the sale. However, such divestitures typically occur to focus on core business areas, to optimize the company's asset portfolio, or to generate capital for other investments or shareholder returns.

The agreement to permit the transfers of the Ruhrgas AG shares was made in 2002.

The report was signed by Donald D. Humphreys, Vice President, Controller and Principal Accounting Officer, on March 7, 2003.