ConocoPhillips completes sale of Algeria business unit

ConocoPhillips

ConocoPhillips (NYSE: COP) has completed the transaction with Pertamina for the sale of its Algeria business unit for a total sales price of $1.75 billion, which resulted in proceeds of $1.65 billion, including customary adjustments.

The company’s divestiture proceeds from 2012 through third-quarter 2013, plus this sale and the recently completed Kashagan sale, have totaled approximately $12.4 billion. These proceeds will be available for general corporate purposes, including investments in the company’s organic growth programs.

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