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ConocoPhillips announces divestiture of UK E&P Subsidiaries.

Global Banking News-April 22, 2019-ConocoPhillips announces divestiture of UK E&P Subsidiaries

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E&P company ConocoPhillips (NYSE:COP) revealed on Thursday the launch of an agreement to divest its two subsidiaries in the UK to Chrysaor E&P Limited for USD2.675bn, plus interest and customary adjustments subject to regulatory approval and other specific conditions .

ConocoPhillips United Kingdom'sUK subsidiaries indirectly hold the company's exploration and production assets in the UK, as well as associated decommissioning liabilities.

Following the completion of sale in the second half of 2019, ConocoPhillips will retain its London-based commercial trading business and its 40.25% interest in and operatorship of the Teesside oil terminal. In 2018, the production and year-end 2018 proved reserves associated with the UK assets being sold were approximately 72,000 barrels of oil equivalent per day (MBOED) and approximately 99m barrels of oil equivalent (BOE), respectively.

According to ConocoPhillips, the proceeds from this transaction will be used for general corporate purposes.

((Distributed via M2 Communications - http://www.m2.com))

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Publication:Global Banking News (GBN)
Geographic Code:4EUUK
Date:Apr 22, 2019
Words:175
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