ConocoPhillips Completes Sale Of Nigeria Business

(RTTNews) - ConocoPhillips (COP) said Wednesday that it has completed the deal with Oando Energy Resources, a subsidiary of Oando PLC, for the sale of its Nigeria upstream business for a total sales price, after customary adjustments, of $1.5 billion.

The sales price is inclusive of $550 million of deposits received, about $900 million received at closing, plus $33 million in deferred payments.

The sales price less the cash in the business at closing, about $100 million, generated net proceeds of about $1.4 billion, after customary adjustments. ConocoPhillips expects to recognize an after-tax gain of about $1.1 billion for the sale.

ConocoPhillips also said that it has transferred its 17% shareholder interest in Brass LNG Ltd., along with all of its related interests, to the remaining shareholders of Brass LNG. The transfer did not have a material impact to the company's results.

Proceeds from the sale will be available for general corporate purposes, including investments in the company's higher-margin, organic growth programs.