Home Wealth  Money Big Oil News: ConocoPhillips, Exxon Mobil

Big Oil News: ConocoPhillips, Exxon Mobil

Posted: Nov. 17th, 2011  |  By Forbes

powered by Forbes

RSS Syndicated News Email a Friend Suggest an Article Share Visit Website

ConocoPhillips said today it has agreed to sell its interests in two US pipeline companies for a total of $2 billion.

ConocoPhillips (nyse: COP - news - people ) has agreed to sell a 16.55% interest in Colonial Pipeline Company and Colonial Ventures to a subsidiary of Caisse de depot et placement du Quebec. That transaction is expected to close in the first quarter of 2012.

Conoco has also agreed to sell its ownership interest in Seaway Crude Pipeline Company to Enbridge (nyse: ENB - news - people ) Holdings, a subsidiary of Enbridge . The transaction is expected to close in December.

ConocoPhillips said the sales of the two non-core pipeline assets are important components of its $15 billion to $20 billion divestiture program.

Also today, Iraqi officials are saying the government would end its contract with Exxon Mobil (nyse: XOM - news - people ) based on Exxon's reported signing of an exploration agreement with the regional government in Kurdistan.

Exxon has a large contract to develop the West Qurna oil field in southern Iraq, and an Iraqi oil minister said a contract with Kurdistan would violate the terms of its agreement.

Market News Video produces and distributes online videos about stocks and investing.




Share on Facebook Share
See Next Article
Need to Get Away?
Top 10 Business Hotels
Who says you can’t mix business with pleasure?
Read More
More Articles from Forbes.com

advertisement
Quick Links
Autos
Boating
Real Estate
Luxury Travel
Fashion
Search Real Estate
Find Your Dream Home
Search for homes by
State, Country or Style.
Event Calendar
advertisement
Current News & Features
Vertu Shows Off Their Craftsmanship Chops With The New Aster Leaf
Jaguar’s Big New Cat is Out of the Bag
Traversing Two Colorado Peaks With the 2017 Porsche Macan GTS
Houston's Blossoming Summer Bar Scene
José Andrés Stares Down Michelin Recognition
7 Elite Tennis Academies Producing Pros
Plan Your Summer Party Like the Professionals Do
All Black Everything for This New Yacht Concept
Hendrick's Gin Salutes the Glamour of Flight with a Giant Cucumber
Rolls-Royce Introduces Floating Concept
See the complete list
 
Featured Photo Gallery
See the complete list
THINGS WE LIKE