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ConocoPhillips Completes Sale of Interests in Australia-West

Gasoil News - Published on Wed, 03 Jun 2020

Image Source: ConocoPhillips Santos
ConocoPhillips announced the completion of the sale of its subsidiaries that hold its Australia-West assets and operations to Santos. The total consideration for the sale is unchanged; however, in connection with the closing, ConocoPhillips and Santos agreed to restructure the payments such that USD 125 million of the originally announced USD 1.39 billion upfront cash payment would be allocated toward a payment due upon final investment decision of the proposed Barossa development project. This brings the total due to ConocoPhillips upon a final investment decision to USD 200 million.

Based on an effective date of Jan. 1, 2019, customary closing adjustments and the increased allocation to the final investment decision payment, the company has received net cash proceeds of approximately $765 million in the current quarter. Proceeds from the transaction are expected to be used for general corporate purposes.

Production associated with the assets being sold averaged approximately 46 thousand barrels of oil equivalent per day for the first three months of 2020, and proved reserves were approximately 17 million barrels of oil equivalent at year-end 2019.

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Posted By : Yogender Pancholi on Wed, 03 Jun 2020
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