ConocoPhillips announced it has entered into an agreement to
sell its 100 percent interest in the Clyden oil sands leasehold
to Imperial Oil and ExxonMobil Canada for approximately $720
million (C$751 million) before customary adjustments.
Comprising 226,000 net acres of undeveloped land, Clyden is
located near the southern edge of the Athabasca oil sands and
south of Fort McMurray, Alberta.
This transaction is a significant step toward
rebalancing our world-class oil sands portfolio, said Don
Wallette, executive vice president, Commercial, Business
Development and Corporate Planning. We are pleased
Imperial Oil and ExxonMobil Canada recognize the value of the
ConocoPhillips currently holds approximately 1.1 million net
acres of land in the Athabasca Region of northeastern Alberta.
The significant bitumen deposits on these lands are estimated
to contain approximately 16 billion net barrels of resources,
making ConocoPhillips the holder of one of the largest land and
resource positions in the region.
ConocoPhillips expects to record an after-tax gain of
approximately $450 million, which will be recognized upon
closing anticipated later in the third quarter of 2013. Closing
is contingent upon approval by Canadas Competition