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ConocoPhillips Pulls Back on Plans to Sell Oil-Sands Assets

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    Anonymous

    ConocoPhillips Co. (COP) is pulling back on plans to sell its Canadian oil sands assets after it exceeded its target for raising capital by divesting energy properties elsewhere in the world.
    The oil and gas major had been looking to find buyers or partners for 50% of its mostly undeveloped oil sands holdings as part of its quest to pocket between US$8 billion and US$10 billion by selling assets around the world. The Houston-based company has exceeded this amount, allowing it to relax its plans in Alberta.
    ConocoPhillips is the latest energy company to hold on to assets it planned to divest amid a disappointing environment for selling Canadian oil reserves. Extracting bitumen in northern Alberta is largely the purview of experienced companies with deep pockets. It is politically and technically challenging, particularly as shortages of skilled labor continue to hurt energy producers in Western Canada and a rush of new supply from U.S. oil fields has forced Alberta producers to sell crude at a sizable discount to the North American benchmark.
     
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    by Carrie Tait & Jeffrey Jones, The Globe and Mail
    Dow Jones Newswires
    May 21, 2013

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