ConocoPhillips selling some assets for $1.05B
HOUSTON (AP) — ConocoPhillips is selling some properties in North Dakota and Montana to a subsidiary of Denbury Resources Inc. for $1.05 billion.
The oil and natural gas company said Tuesday that the Cedar Creek Anticline properties span about 86,000 net acres in southwestern North Dakota and eastern Montana. Net production from the properties averaged 13,000 barrels of oil equivalent per day through November.
The sale doesn't include any of ConocoPhillips' Bakken Formation assets. The company owns 626,000 net acres there.
"The transaction will allow us to focus our investments in North Dakota and Montana on our significant Bakken unconventional position," Don Wallette, executive vice president of commercial, business development and corporate planning, said in a statement.
Denbury, based in Plano, Texas, said that it plans to pay for the transaction with part of the approximately $1.3 billion in cash it received from the first phase of its deal to sell its holdings in the Bakken oil field to Exxon Mobil Corp. The first phase of the sale closed in December.
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