ConocoPhillips (COP) Sees $120M Benefit to Q4 Results from Cedar Creek Sale

January 15, 2013 7:42 AM EST
ConocoPhillips (NYSE: COP) shares are ticking higher Tuesday morning following an agreement with Denbury Resources (NYSE: DNR) for a large property sale.

Denbury will acquire Cedar Creek Anticline from Conoco for about $1.05 billion.

According to the release: "ConocoPhillips expects to record a net earnings benefit of approximately $120 million after-tax in the fourth quarter of 2012. The transaction is expected to close in the first quarter of 2013. Including this transaction, the company has announced total asset sales of approximately $12 billion since the beginning of 2012."

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