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ConocoPhillips has closed a deal to sell its assets in the San Juan Basin in the Southwestern U.S. to Hilcorp Energy Company for 3 billion dollars.  The deal brings the company's total proceeds for 2017 divestitures to 16 billion dollars. The company announced that it will use the proceeds from the San Juan deal for general corporate purposes.

The assets included Conoco’s 50-percent stake in the Foster Creek Christina Lake project and most of its conventional offshore natural gas assets in the Deep Basin. It is the largest divestment in Conoco’s history.

Chief executive Ryan Lance said that the divestment will reduce the company’s exposure to natural gas in North America and improve cash margins.