ConocoPhillips Announces Sale of Vietnam Business Unit

16.02.2012  |  Business Wire

ConocoPhillips [NYSE:COP] today announced that, as part of its ongoing
strategy to create shareholder value, it has entered into an agreement
to sell its Vietnam business unit for a total of $1.29 billion plus
customary working capital adjustments.

ConocoPhillips has entered into definitive agreements with a subsidiary
of Perenco to sell its three wholly-owned subsidiaries that separately
hold its 23.25 percent participating interest in Block 15-1, 36 percent
participating interest in Block 15-2, and 16.3 percent participating
interest in Nam Con Son Pipeline. The transaction is anticipated to
close in the first half of 2012.

'The sale of our Vietnam business unit is an important component of our
$15-20 billion 2010-2012 asset divestiture program. ConocoPhillips has
conducted business in Vietnam for more than 15 years, and we are pleased
that Perenco has recognized the value of these quality assets,' said Al
Hirshberg, senior vice president, Planning and Strategy, ConocoPhillips.

For 2010-2011, ConocoPhillips′ asset divestiture program yielded $10.7
billion in proceeds, in addition to $9.5 billion from LUKOIL share
sales, giving total dispositions of $20.2 billion over this period.

The sale of the Vietnam business unit is just one part of
ConocoPhillips′ plan to create value for shareholders through a
continued focus on optimizing the portfolio, enhancing returns,
strengthening financial flexibility and increasing shareholder
distributions.

ConocoPhillips is an integrated energy company with interests around the
world. Headquartered in Houston, the company had approximately 29,800
employees, $153 billion of assets, and $245 billion of revenues as of
Dec. 31, 2011. For more information, go to www.conocophillips.com.

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