ConocoPhillips will sell some of its oil-rich assets in Montana and North Dakota to Denbury Resources Inc for $1.05 billion to focus on its Bakken shale properties in the same region.With Tuesday's sale of the Cedar Creek Anticline properties -- the oldest and largest field on the southwestern Williston Basin -- Conoco has so far raised $12 billion from asset sales since 2012.Conoco said the sale does not include any of its Bakken formation assets, and it expects to record after-tax net earnings benefit of about $120 million in the fourth quarter.Denbury said it will fund the purchase with cash received from its assets sale to Exxon Mobil Corp in September.
ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Shares of COP traded higher by 0.04% or $0.025/share to $58.50. In the past year, the shares have traded as low as $50.62 and as high as $78.29. On average, 5946100 shares of COP exchange hands on a given day and today's volume is recorded at 1270328.
Denbury Resources Inc. is an independent oil and natural gas company. Shares of DNR traded higher by 2.04% or $0.345/share to $17.22. In the past year, the shares have traded as low as $13.13 and as high as $21.37. On average, 5181440 shares of DNR exchange hands on a given day and today's volume is recorded at 7536239.
Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM fell by 0.51% or $-0.46/share to $89.12. In the past year, the shares have traded as low as $77.13 and as high as $93.67. On average, 13313600 shares of XOM exchange hands on a given day and today's volume is recorded at 1916087.
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