Energy Sector Review: ConocoPhillips Sells Vietnam Business, Iran Nuclear Negotiations

Ultra Petroleum Corp. (NYSE:UPL) invested $1.3B in drilling-only capital during 2011, yielding a $1.60 per thousand cubic feet equivalent Mcfe finding and development, or F&D, cost

The shares closed at $23.72, down $1.52, or 6.02%, on the day. Its market capitalization is $3.62 billion.

Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation¬†(NYSE:CVX): Iran is ready to resume negotiations about its nuclear program with the five permanent members of the U.N. Security Council and Germany, Iran’s top nuclear negotiator wrote in a letter, according to The Hill, which cited an Iranian news agency.

XOM shares closed at $85.41, up $1.29, or 1.53%, on the day. Its market capitalization is $404.33 billion.

CVX shares closed at $106.52, up $1.52, or 1.45%, on the day. Its market capitalization is $212.13 billion.

ConocoPhillips (NYSE:COP) announced that, as part of its ongoing strategy to create shareholder value, it has entered into an agreement to sell its Vietnam business unit for a total of $1.29B plus customary working capital adjustments. ConocoPhillips has entered into definitive agreements with a subsidiary of Perenco to sell its three wholly-owned subsidiaries that separately hold its 23.25 percent participating interest in Block 15-1, 36 percent participating interest in Block 15-2, and 16.3 percent participating interest in Nam Con Son Pipeline. The transaction is anticipated to close in the first half of 2012.

The shares closed at $72.78, down $0.01, or 0.01%, on the day. Its market capitalization is $94.03 billion.

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