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ConocoPhillips (COP) sells its Cedar Creek Anticline properties to Denbury Resources (DNR) for...

ConocoPhillips (COP) sells its Cedar Creek Anticline properties to Denbury Resources (DNR) for $1.05B. Comprising about 86K acres in North Dakota/Montana (does not include any Bakken assets), net production averaged 13K barrels of oil equivalent/day in 2012. (PR)
Comments (3)
  • Veritas1010
    , contributor
    Comments (1648) | Send Message
     
    What is COP going to do with all the asset sales besides pay high dividends???

     

    Does anyone know why COP might be divesting domestic properties when its E&P focus is now more squarely on the US/NA marketplace?

     

    Just curious folks with conference/earning call coming...

     

    disc.: long COP
    15 Jan 2013, 08:41 AM Reply Like
  • Daniel Niño
    , contributor
    Comments (59) | Send Message
     
    They are using the cash to invest in their most profitable/high grow potential assets (they will also use it to pay out dividends of course), which are the US shale plays.

     

    The company states it on their website:

     

    “This disposition represents further optimization of our portfolio. The transaction will allow us to focus our investments in North Dakota and Montana on our significant Bakken unconventional position,”

     

    http://bit.ly/SElHFw
    15 Jan 2013, 11:20 AM Reply Like
  • Veritas1010
    , contributor
    Comments (1648) | Send Message
     
    Thank you Daniel.
    16 Jan 2013, 05:10 PM Reply Like
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