ConocoPhillips to sell oil sands lease to Imperial, ExxonMobil Canada

Reuters

ConocoPhillips said it will sell its interest in Alberta's Clyden oil sands leasehold to Imperial Oil Ltd and ExxonMobil Corp's Canadian unit for about $720 million.

The leasehold is located near the southern edge of the Athabasca oil sands and south of Fort McMurray, Alberta and comprises 226,000 net acres of undeveloped land.

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ConocoPhillips, the largest independent U.S. exploration and production company, expects to record a related after-tax gain of about $450 million.

Imperial is controlled by Exxon.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Sriraj Kalluvila)