Conoco sells fields for $1.05 bil

January 16, 2013

The oil company said it will sell some of its oilfields in Montana and N. Dakota for $1.05 bil to Denbury Resources (DNR) as it focuses on its shale oil and gas properties. The sale of roughly 86,000 acres in the Cedar Creek Anticline doesn't include any of ConocoPhillips' (COP) assets in the rich Bakken shale oil formation in those states. The sale is the latest in a series for Conoco, which has raised about $12 bil since '12 to use for Bakken region exploration and development. Shares rose 1% to 59.03.