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

SEPTEMBER 30, 2019

ConocoPhillips (NYSE: COP) today 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.”

ConocoPhillips North Sea assets included:

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