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ConocoPhillips announces agreement to sell UK subsidiaries for $2.675 billion

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Christian Fernsby |
ConocoPhillips
Acquisition   ConocoPhillips will retain its London-based commercial trading business

ConocoPhillips announced it has entered into an agreement to sell two ConocoPhillips United Kingdom (U.K.) subsidiaries to Chrysaor E and P Limited for $2.675 billion, plus interest and customary adjustments.

Together, the subsidiaries indirectly hold the company’s exploration and production assets in the U.K., as well as associated decommissioning liabilities.

ConocoPhillips will retain its London-based commercial trading business and its 40.25 percent interest in and operatorship of the Teesside oil terminal.

Proceeds from this transaction will be used for general corporate purposes.

The transaction is subject to regulatory approval and other specific conditions precedent. The sale is expected to be completed in the second half of 2019.


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