ConocoPhillips To Sell Interests In San Juan Basin For Up To $3.0 Bln

(RTTNews) - ConocoPhillips (COP) announced an agreement to sell its interests in the San Juan Basin to an affiliate of Hilcorp Energy Company for up to $3.0 billion of total proceeds, comprised of $2.7 billion in cash and a contingent payment of up to $300 million. Proceeds from the transaction will be used for general corporate purposes.

Ryan Lance, CEO, said: "Including our recently announced Canadian asset sales, we have line of sight to more than $16 billion of total considerations in 2017. These transactions will materially reduce our exposure to North American gas and achieve an immediate step change improvement in our balance sheet and cash margins, while accelerating our return of cash to shareholders."