ConocoPhillips announces sale of Clyden oil sands stake interest for USD 720 million
US oil and exploration production company ConocoPhillips said it will be offering its leasehold in the Clyden oil sands in Alberta to Imperial Oil Ltd and the Canadian unit of ExxonMobil Corp for USD 720 million. This is part of its restructuring plan to remove its stake in six of its properties in Alberta. The company has also sold its stakes in assets in Australia, Montanan and North Dakota in the US as well as divested businesses in Nigeria and Algeria in a bid to raise capital for projects that promise higher returns. Early last year, a part of its refining activities were spun off to Phillips 66.
ExxonMobil Corp holds a 69.6% stake in Imperial Oil.ConocoPhillips' leasehold is an undeveloped land measuring 226,000 net acres situated south of Fort McMurray in Alberta. It is close to the southern edge Athabasca oil sands. Once the sale is completed, ConocoPhillips will gain an estimated USD 450 million after taxes.
ConocoPhillips is the largest independent explorer, producer, transporter and marketer of crude oil and natural gas in the US. It has a portfolio of assets in shale, bitumen, and liquefied natural gas businesses worldwide. Aside from North America, it also has international development projects in Europe, Asia and Australia. So far, it has conducted exploration projects in nineteen countries. It also produced hydrocarbon products in thirteen nations around the world. ConocoPhillips proven reserves are scattered in fifteen countries.