ConocoPhillips To Sell Interests In Barnett - Quick Facts

(RTTNews) - ConocoPhillips (COP) announced a definitive agreement to sell its interests in the Barnett to an affiliate of Miller Thomson & Partners for $305 million plus net customary adjustments. The company said the proceeds from the transaction will be used for general corporate purposes.

ConocoPhillips expects to record a non-cash impairment on the assets in the second quarter of 2017. The company said the impact to full-year 2017 production guidance is expected to be less than 5 MBOED dependent on timing of closing.

ConocoPhillips does not expect any material impact to 2017 cash flow or its other 2017 guidance items as a result of the transaction.