Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



ConocoPhillips Selling Cedar Creek Assets to Denbury for $1.05 Billion

Oil major ConocoPhillips (NYSE: COP  ) has entered into an agreement to sell its 86,000 net acres of Cedar Creek Anticline properties in North Dakota and Montana to Denbury Resources (NYSE: DNR  ) , the company announced today. The properties, which produce roughly 13,000 barrels of oil equivalent per day, will sell for $1.05 billion.

In a statement, Conoco noted that the sale does not include any of its properties in the Bakken Shale, and said the transaction will allow it to "focus our investments in North Dakota and Montana on our significant Bakken unconventional position."

The sale is expected to close in the first quarter of 2013, but Conoco said it will be recording a $120 million after-tax gain on the sale in Q4 2012. Including this sale, Conoco notes it will have raised $12 billion from asset sales over the past year.

Denbury plans to fund the purchase from the $1.3 billion of cash it received from its Bakken sale and asset exchange with ExxonMobil completed in December 2012.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2197465, ~/Articles/ArticleHandler.aspx, 9/27/2016 11:29:56 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 2 hours ago Sponsored by:
DOW 18,228.30 133.47 0.74%
S&P 500 2,159.93 13.83 0.64%
NASD 5,305.71 48.22 0.92%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/27/2016 4:00 PM
COP $39.43 Down -0.59 -1.47%
ConocoPhillips CAPS Rating: ****
DNR $2.63 Down -0.14 -5.05%
Denbury Resources CAPS Rating: ****