TORONTO/CALGARY, Feb 16 (Reuters) - ConocoPhillips has decided to sell several of its Canadian conventional natural gas assets in a deal that could fetch as much as $2 billion, as the biggest U.S. independent oil producer aims to trim debt, people familiar with the matter told Reuters.
Several investment banks have made pitches to ConocoPhillips in recent weeks and the Houston-based company is close to hiring a financial adviser to run a formal sale process, the people added.
When contacted by Reuters, ConocoPhillips spokesman Rob Evans pointed to an announcement last November that said the company could sell up to $8 billion in natural gas assets “largely focused on non-strategic North American gas assets, including select assets in Canada.”
Sources declined to be identified as the process is confidential. (Reporting by John Tilak and Nia Williams; Editing by Denny Thomas Editing by Marguerita Choy)