Texas-Based ConocoPhillips Sells Some Assets

HOUSTON (January 15, 2013)--ConocoPhillips said Tuesday it’s selling some properties in North Dakota and Montana to a subsidiary of Denbury Resources Inc. for $1.05 billion.

The oil and natural gas company said Tuesday that the Cedar Creek Anticline properties span about 86,000 net acres in southwestern North Dakota and eastern Montana.

The sale doesn't include any of ConocoPhillips' Bakken Formation assets.

With the deal, the company raised about $12 billion from asset sales since the start of 2012.

Proceeds from the sales will be used for general corporate purposes.

ConocoPhillips, based in Houston, anticipates an approximately $120 million earnings benefit in its fourth quarter related to the Cedar Creek Anticline transaction.

The deal is expected to close in the first quarter.

Denbury is based in Plano.

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