ConocoPhillips To Sell Two U.K. Subsidiaries To Chrysaor E&P - Quick Facts

(RTTNews) - ConocoPhillips (COP) has agreed to sell two U.K. subsidiaries to Chrysaor E&P Limited for $2.675 billion, plus interest and customary adjustments. The deal is expected to be completed in the second half of 2019. The company will use the proceeds for general corporate purposes. The U.K. subsidiaries involved in the deal indirectly hold the company's exploration and production assets in the U.K., as well as associated decommissioning liabilities.

Ryan Lance, CEO, said: "This disposition is part of our ongoing effort to hone our portfolio and focus our investments across future low cost of supply opportunities."