ConocoPhillips to sell interests in 2 pipelines

AP News
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Posted: Nov 16, 2011 9:16 AM
ConocoPhillips to sell interests in 2 pipelines

ConocoPhillips says it plans to sell its interests in two pipeline companies for a total of $2 billion.

The Houston oil and natural gas company announced Wednesday that a subsidiary of a Canadian pension plan will buy its 16.55 percent investment in Colonial Pipeline Co. and Colonial Ventures LLC. A subsidiary of Enbridge Inc. will buy its stake in the Seaway Crude Pipeline Company.

The sales are part of Conoco's ongoing plan to shrink the company to focus on its most profitable businesses. Conoco also plans to split into two companies: one that explores and produces oil and gas; and another that refines it into fuel.