ConocoPhillips (COP.N) on Thursday said it is buying up to 46,000 acres in Colorado as it looks to build up its exposure to oil and natural gas liquids locked in shale formations in the U.S. The company said it bought the acres in the so-called Niobrara shale from Lario Oil & Gas Co, but did not disclose a price. The Niobrara shale spans parts of Wyoming and Colorado. The underground rock formation is being drilled as exploration companies search for shales with heavy reserves of oil and natural gas that is high in liquids. Earlier this month, ConocoPhillips announced plans to split off its refining business as a stand-alone publicly traded company in an effort to improve investment returns for shareholders. Shares of ConocoPhillips closed down 36 cents at $72.77 on the New York Stock Exchange on Thursday.
ConocoPhillips is an international, integrated energy company. Shares of COP fell by 0.49% or $-0.36/share to $72.77. In the past year, the shares have traded as low as $52.00 and as high as $81.80. On average, 10335500 shares of COP exchange hands on a given day and today's volume is recorded at 8018542.
Source
