Shows & Panels
- Accelerate and Streamline for Better Customer Service
- Ask the CIO
- The Big Data Dilemma
- Carrying On with Continuity of Operations
- Client Virtualization Solutions
- Data Protection in a Virtual World
- Expert Voices
- Federal Executive Forum
- Federal IT Challenge
- Federal Tech Talk
- Feds in the Cloud
- Health IT: A Policy Change Agent
- Improving Healthcare Outcomes through IT Policy
- IT Innovation in the New Era of Government
- Making Dollars And Sense Out of Data Center Consolidation
- Navigating the Private Cloud
- One Step to the Cloud, Two Steps Toward Innovation
- Path to FDCCI Compliance
- Take Command of Your Mobility Initiative
Shows & Panels
ConocoPhillips to sell Algerian unit for $1.75B
Tuesday - 12/18/2012, 9:01am EST
NEW YORK (AP) - ConocoPhillips, as part of its massive downsizing effort, has agreed to sell its business in Algeria to Indonesia's state-owned oil and gas company Pertamina for $1.75 billion.
ConocoPhillips has sold more than $20 billion in refineries, pipelines and other assets since 2010 to remake itself as an independent oil and gas producer. It's shedding those assets that it considers least productive or valuable.
The Algeria business holds stakes in three major oil fields. The fields produced an average 11,000 barrels of oil equivalent per day for the year through October. The Houston company overall produced about 1.57 million barrels of oil equivalent per day in the nine months through September.
The deal is expected to close by the middle of 2013.
ConocoPhillips spun off its refineries and pipelines earlier this year. They're now a publicly traded company called Phillips 66.
During the first nine months of the year, the company got $2.1 billion from asset sales. Including the Algerian deal, the company has announced additional sales that are expected to generate proceeds of about $7 billion. It intends to sell $8 to $10 billion in assets in 2012 and 2013.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)