ConocoPhillips to sell oil assets to Denbury Resources for $1 billion

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Ever since ConocoPhillips spun off its refining and marketing business last year as Phillips 66, it has been shedding non-core oil and gas assets to raise cash and to help it sharpen its strategic focus.

In the latest deal, ConocoPhillips has announced that it will sell some of its older oilfields in Montana and North Dakota to Denbury Resources for $1.05 billion. The sale of about 86,000 acres in the Cedar Creek Anticline is the latest in ConocoPhillips? divestiture program that has raised more than $12 billion in the last year.

The deal does not include any of ConocoPhillips? assets in the lucrative Bakken shale oil formation in those states. The transaction advances the company?s strategy to focus resources on the Bakken play by freeing up cash to allow it to accelerate the development of the significant Bakken unconventional position it has built up?in North Dakota and Montana. ConocoPhillips owns 626,000 net acres in the Bakken, consisting of 207,000 net lease acres and 419,000 net mineral acres.

ConocoPhillips anticipates a $120 million earnings benefit in its fourth quarter related to the Cedar Creek Anticline transaction, which is expected to close in the next?10 weeks.

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Photo by Lindsey Gee used under a Creative Commons license.

Source: http://feedproxy.google.com/~r/Bizmology/~3/yCqd-ce19z0/

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