ConocoPhillips – COP – Sells Interest in Russian Joint Venture NaryanMarNefteGaz
ConocoPhillips (NYSE: COP) announced 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.
About ConocoPhillips – COP
Headquartered in Houston, Texas, COP 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.
ConocoPhillips (COP ) is an international integrated energy company. COP’s segments include Exploration and Production (E&P), which primarily explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas and natural gas liquids on a worldwide basis; Midstream, which gathers, processes and markets natural gas produced by ConocoPhillips and others, and fractionates and markets natural gas liquids, predominantly in the United States and Trinidad; Refining and Marketing (R&M), which purchases, refines, markets and transports crude oil and petroleum products, mainly in the United States, Europe and Asia; Chemicals, which manufactures and markets petrochemicals and plastics on a worldwide basis, and Emerging Businesses, which represents its investment in new technologies or businesses outside the Company’s normal scope of operations. The Company completed the divestiture of its entire interest in OAO LUKOIL Investment in the first quarter of 2011.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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