ConocoPhillips, the third-largest US energy producer, has hired the Bank of Nova Scotia to advise on the sale of about 20% of its production in Western Canada outside of the oil sands, according to the bank’s website.
Details on the sale from the Houston-based company will be provided in the second quarter, according to Scotiabank.
Production from the properties, located in Alberta, British Columbia and Saskatchewan, is mostly gas and amounts to the equivalent of about 35,000 barrels of oil a day, according to the website.
US producers are increasingly exiting Canadian assets to focus on domestic opportunities. The potential sale by ConocoPhillips follows Canadian divestitures by EOG Resources Inc., Apache
Corp. and Devon Energy Corp. PetroChina Co. said Thursday it’s in talks with international oil companies about swapping assets in North America to help it ride out a more than 50 percent slump in crude since June.