ConocoPhillips Sells Interest in Russian Joint Venture NaryanMarNefteGaz
ConocoPhillips (NYSE: COP) announced today that, as part of its ongoing
strategy to reposition its asset base, it has closed a transaction with
LUKOIL for the sale of ConocoPhillips′ indirect 30 percent interest in
NaryanMarNefteGaz (NMNG) and certain related assets.
Financial terms of the transaction were not disclosed. ConocoPhillips
said it expects to recognize an after-tax financial gain of
approximately $400 million for the sale.
'The sale of this non-core quality asset is an important component of
our divestiture program for 2012,? said Don Wallette, executive vice
president, Commercial, Business Development, and Corporate Planning. 'We
are pleased that LUKOIL, the co-owner of NMNG, recognizes the value of
this asset.'
The sale of NMNG is just one part of ConocoPhillips′ plan to increase
value for shareholders through disciplined capital investment, improved
returns on capital and growth in shareholder distributions.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips has operations and
activities in 30 countries and approximately 16,500 employees as of June
30, 2012. Production averaged 1.59 million BOE per day for the six
months ended June 30, 2012, and proved reserves were 8.4 billion BOE as
of Dec. 31, 2011. For more information, go to www.conocophillips.com.
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ConocoPhillips
Aftab Ahmed, 281-293-4138 (media)
aftab.ahmed@conocophillips.com
or
John
McLemore, 281-293-1247 (media)
john.l.mclemore@conocophillips.com
or
Vladimir
R. dela Cruz, 212-207-1996 (investors)
v.r.delacruz@conocophillips.com
