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ConocoPhillips Completes $2.7 Billion Sale of United Kingdom E&P Subsidiaries

Source: www.gulfoilandgas.com 9/30/2019, Location: Europe

ConocoPhillips (COP) completed its previously announced transaction to sell two ConocoPhillips United Kingdom (U.K.) subsidiaries to Chrysaor E&P Limited for $2.675 billion, plus interest and customary adjustments. Together, the subsidiaries indirectly held the company’s exploration and production assets in the U.K., as well as approximately $1.8 billion in asset retirement obligations. Proceeds will be used for general corporate purposes.

“We are pleased that Chrysaor recognizes the value of our U.K. exploration and production assets, and will continue their development in the future,” said Ryan Lance, chairman and chief executive officer. “Our business legacy in the U.K. reflects a 50-year history of achievement and operational excellence.

Our workforce there should be proud of their accomplishments, and we look forward to maintaining our commercial trading business in London and continuing as operator of the Teesside oil terminal.”

In the first six months of 2019, production associated with the U.K. assets sold was 72 thousand barrels of oil equivalent per day (MBOED). There is no impact to third-quarter production guidance as a result of the sale. The company will provide updated full-year guidance to applicable items on the upcoming third-quarter conference call.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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