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Big Oil News: ConocoPhillips, Exxon Mobil

Posted: Nov. 17th, 2011  |  By Forbes

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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.

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