ConocoPhillips (NYSE: COP) has closed a transaction with the National Gas Co. of Trinidad and Tobago Ltd. (NGC) for the sale of its wholly owned subsidiary, Trinidad and Tobago Holdings LLC, for a total consideration of $600 million plus customary adjustments.
Trinidad and Tobago Holdings LLC holds a 39 percent interest in Phoenix Park Gas Processors Ltd., which operates a gas processing and natural gas liquids fractionation facility located at Point Lisas, Trinidad.
ConocoPhillips expects to recognize an after-tax gain of approximately $290 million for the sale. Including this transaction, ConocoPhillips has announced expected proceeds of approximately $14.1 billion from the sale of nonstrategic assets as part of its 2012-2013 asset disposition program. Through June 30, the company has received $3.8 billion in proceeds from completed sales, with the remainder expected by year-end 2013. These proceeds will be available for general corporate purposes and allow the company to advance existing growth programs.