ExxonMobil completed the sale of its global lubricants business to Stone Canyon Industries Holdings LLC for $6 billion in late 2023, and intends to use the proceeds to further reduce its debt.
ExxonMobil and the Sale of its Lubricants Business
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ExxonMobil officially sold its lubricants business to Stone Canyon Industries Holdings LLC on December 1, 2023, for a total of $6 billion. the transaction included ExxonMobil’s manufacturing plants, brands, and a global team of approximately 11,000 employees.
The sale represents a strategic shift for ExxonMobil, allowing the company to focus on its core businesses of oil and gas production and petrochemicals.ExxonMobil announced its intention to reduce debt by utilizing the proceeds from the sale.
According to an ExxonMobil press release,the deal allows the company to “strengthen its financial position and focus on delivering shareholder value.”
Stone Canyon Industries holdings LLC
Stone Canyon Industries Holdings LLC is a private equity firm focused on investments in industrial businesses. The firm was formed in 2021 and manages assets across a variety of sectors.
The acquisition of ExxonMobil’s lubricants business represents a meaningful expansion for Stone Canyon, establishing it as a major player in the global lubricants market. stone Canyon intends to operate the lubricants business as a standalone company.
As of January 14, 2026, Stone Canyon Industries has not released detailed financial performance reports specifically for the acquired lubricants business. Though, industry analysts anticipate growth under Stone Canyon’s ownership.
ExxonMobil’s Debt Reduction Strategy
ExxonMobil has been actively working to reduce its debt since 2022, driven by increased oil and gas prices and a focus on capital discipline. The sale of the lubricants business is a key component of this strategy.
In 2023, ExxonMobil reduced its debt by approximately $10 billion, partially funded by the lubricants sale. the company aims to further reduce its debt-to-capital ratio to a target range of 20-25%.
According to ExxonMobil’s Q3 2023 financial report, the company’s debt-to-capital ratio stood at 23.6%, indicating progress towards its target. Q3 2023 Financial Report
Details of the transaction, including regulatory filings, are available through the U.S. Securities and Exchange Commission (SEC). ExxonMobil filed a form 8-K with the SEC on July 26, 2023, announcing the agreement to sell the lubricants business. Form 8-K Filing
These filings provide further insight into the terms of the sale and the company’s financial outlook.
