HOUSTON, March 03, 2022–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today announced that it has completed the sale of the subsidiary that indirectly owns its 54% stake in the Indonesia Corridor Block’s Production Sharing Contract (PSC) and a 35% stake in Transasia Pipeline Company to MedcoEnergi for $1.355 billion, with an effective date of January 1, 2021. After customary closing adjustments, net cash from the sale is approximately $0.8 billion, which which represents $0.1 billion of restricted cash transferred to MedcoEnergi at closing.
“We are proud of our half-century history in Indonesia and delighted that MedcoEnergi recognizes the value of this company,” said Ryan Lance, president and CEO of ConocoPhillips. “This provision is part of our ongoing efforts to focus our investments on low-cost sourcing opportunities.”
The assets sold produced 51,000 barrels of oil equivalent per day (MBOED) in 2021 and had proven reserves at the end of 2021 of approximately 70 million barrels of oil equivalent.
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About Conoco Phillips
ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified portfolio of assets. Headquartered in Houston, Texas, ConocoPhillips had operations and businesses in 14 countries, $91 billion in total assets and approximately 9,900 employees as of December 31, 2021. Production, including Libya, averaged 1,567 MBOED for the 12 months ended December 31, 2021 and proved reserves were 6.1 BBOE as of December 31, 2021. For more information, visit www.conocophillips.com.
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Dennis Nuss (media)