ConocoPhillips is selling its stake in a Canadian oil sands project to Exxon Mobil Corp and Imperial Oil Ltd for about $720 million as it focuses on its U.S. shale oil and natural gas operations.The all-cash deal involves the sale of 226,000 acres of undeveloped land, roughly 93 miles (150 kilometers) south of Fort McMurray, Alberta, to Exxon Mobil's Canadian unit and Imperial, which is 70 percent controlled by Exxon.After the deal closes, Exxon Canada will own a 72.5 percent interest in the land, known as the Clyden oil sands leasehold, with Imperial controlling the rest.The deal is a natural fit for Exxon, which has invested $11 billion in its Kearl oil sands project in northwest Alberta, and gives it access to even more oil to boost its global daily production, which has slid in recent quarters.
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 0.66% or $0.44/share to $66.96. In the past year, the shares have traded as low as $53.95 and as high as $67.47. On average, 6408490 shares of COP exchange hands on a given day and today's volume is recorded at 629924.
Imperial Oil Limited (Imperial) is an integrated oil company. Shares of IMO traded higher by 0.3% or $0.12/share to $40.43. In the past year, the shares have traded as low as $37.09 and as high as $50.00. On average, 234260 shares of IMO exchange hands on a given day and today's volume is recorded at 10252.
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 traded higher by 0.35% or $0.323/share to $91.66. In the past year, the shares have traded as low as $84.70 and as high as $95.49. On average, 12754700 shares of XOM exchange hands on a given day and today's volume is recorded at 1379505.
Source
