Chrysaor buys Conoco's North Sea firms for $2.68B

Thursday, 18. April 2019 14:08

ConocoPhillips Co. agreed to sell two British subsidiaries to Chrysaor Holdings Ltd. and divest of the exploration and production assets. The announcement reveals the deal is worth $2.68 but that the sum would be higher with ​and customary adjustments. The oil and gas giant said it would use the funds for general purposes and that it would remain in the United Kingdom with its commercial trading firm and the 40.25% interest in and operatorship of the Teesside terminal.

"This disposition is part of our ongoing effort to hone our portfolio and focus our investments across future low cost of supply opportunities," chairman and chief executive Ryan Lance said. The Houston-based company's assets will be transferred to Chrysaor E&P Ltd., the statement adds. Last year's production was 72,000 barrels of oil equivalent per day and reserves were estimated at 99 million barrels, Conoco added, citing data from the year-end.

The sale to the independent exploration and production entity will be executed by the end of the year pending regulatory clearance and other conditions, it said.

Related Links: ConocoPhillips Inc.
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