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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 This material may not be published, broadcast, rewritten or redistributed.)