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)