2010-05-18-2010-04-12-2010-06-25

Bought 9.03% WI in AB oil-sands project Syncrude.

As part of its $10-billion divestiture program, ConocoPhillips, Houston, (NYSE: COP) reports it has completed the sale of its 9.03% stake in an oil-sands venture in Canada to subsidiaries of Chinese oil company Sinopec International Petroleum Exploration and Production Co. for $4.65 billion.

Operating since 1978, Syncrude is a joint-venture, oil-sands mining and upgrading project in Alberta, Canada. The upgrading facilities have a nameplate capacity of more than 350 gross million barrels per day. ConocoPhillips' net production of synthetic crude oil averaged 23 million barrels per day in 2009.

ConocoPhillips chief executive Jim Mulva says, "The sale of the Syncrude interest, an oil-sands mining operation north of Fort McMurray, is just one part of ConocoPhillips' plan to create value for shareholders through a continued focus on disciplined capital investment, a strengthened financial position, improved returns on capital, and growth in shareholder distributions while growing production and reserves per share."

Credit Suisse was advisor to ConocoPhillips, and Osler, Hoskin and Harcourt was legal counsel.

ConocoPhillips holds nearly 1 million net acres in the Athabasca Region of northeastern Alberta. The bitumen deposits are estimated to contain more than 15 billion net barrels of resources. As of March 31, the company has $155 billion of assets and $179 billion of annualized revenues.