Exxon, Imperial to Buy Conoco Oil-Sands for $723 Million
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Exxon Mobil Corp. and Imperial Oil Ltd. agreed to buy ConocoPhillips’ Clyden lease for about C$751 million ($723 million), expanding their holdings in the booming Alberta oil-sands region.
The sale includes 226,000 net acres of undeveloped land near the southern edge of the Athabasca oil sands, Houston-based ConocoPhillips said in a statement today. Under the agreement, Exxon will hold 72.5 percent of the leasehold and Calgary-based Imperial, which Exxon controls, will have 27.5 percent, the companies said.