COP To Divest Some LNG Assets, Some Canadian Oil Sands

Being reported in the Oil & Gas Journal.

I understand the decision to sell some LNG assets. Selling some Canadian oil sands is more difficult to understand, perhaps. I assume the Nebraska utility folks announcing the Keystone XL wouldn't be on-line before the end of 2015 even if the project was approved this month made the decision easier.

From the linked article:

ConocoPhillips is planning to sell some of its interest in the Australia Pacific LNG project and in the Canadian oil sands in a strategy to devote more cash to US shale plays, ConocoPhilips Chief Executive Ryan Lance said during a Feb. 28 investor and analyst meeting.

Previously, ConocoPhillips announced plans to divest billions of dollars worth of assets as it rebalances its inventory to focus on fast-growing US projects. ConocoPhillips also previously said it likely would sell some oil sands assets.

The Canadian oil sands are part of the upstream assets for ConocoPhillips, which currently is focusing on growing its unconventional oil production from the South Texas Eagle Ford shale and the North Dakota Bakken formation.