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
Write a Story/Review about this topic

Post a Comment

 
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
Kick Start Your NYE Resolutions With Juicepresso's Cold-Pressed Juicer
This Ultra Luxury Car Sharing Program Lets You Drive a Whip 100 Days of the Year
Ring in the New Year Aboard a 2014 Dyna 52 Yacht
Macallan Partners With Fashion Icon Mario Testino For New $3K Masters of Photography
Limited Edition Moët & Chandon Nectar Impérial Rosé Champagne is Covered in 22-Karat Gold Leopard Spots
Our Favorite Stars React to Their Golden Globe Nominations!
Canine Royalty Wants to Get Your Pooch Runway Ready!
Turn Your Home Into a Winter Wonderland With the Balsam Gazebo Candle
Nick Offerman Hilariously Schools Us On Fine Scotch Whisky in New Video Series
La Quinta Resort is Blown Away By JBF Rising Star Semi-Finalist Chef Ruiz in Taste of Waldorf Astoria
See the complete list
 
Featured Photo Gallery
See the complete list
THINGS WE LIKE