ConocoPhillips Completes Algeria Business Unit Sale For $1.75 Bln - Quick Facts

(RTTNews) - ConocoPhillips (COP), Wednesday said it has completed the sale of its Algeria business unit to Pertamina for a total sales price of $1.75 billion. Including customary adjustments, the transaction resulted in proceeds of $1.65 billion. The company's divestiture proceeds from 2012 through third-quarter 2013, plus this sale and the recently completed Kashagan sale, have totaled about $12.4 billion. ConocoPhillips said these proceeds will be used for general corporate purposes, and investments in its organic growth programs.

Headquartered in Houston, Texas, ConocoPhillips is an independent E&P company based on production and proved reserves, that has operations and activities in 29 countries with $55 billion annualized revenue, $120 billion of total assets, and about 18,000 employees as of September 30.