ConocoPhillips sells undeveloped land to Exxon and Imperial for $720m

ConocoPhillips is selling 226,000 acres of undeveloped land to Exxon Mobil and Imperial Oil for about $720-million.

The all-cash deal is for land known as the Clyden oil sands leasehold, located about 93 kilometres north of Fort McMurray.

Once the deal closes, Exxon will own 72.5% of the land and Imperial will own the rest.


Exxon owns the Kearl oilsands project 75 kilometres north-east of the city.

ConocoPhillips says it’s looking to focus more on its U.S. shale oil and natural gas operations.

Imperial Oil is a Canadian petroleum company that’s 70% controlled by Exxon.

August 8th, 2013

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