Oil and gas: ConocoPhillips completes sale of Algeria business unit

Source:ConocoPhillips

Oil and gas: ConocoPhillips completes sale of Algeria business unit ConocoPhillips (NYSE: COP) today announced it 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.

“We are pleased to complete this transaction with Pertamina,” said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning. “We appreciate the long and productive relationship we have had with the government of Algeria and with Sonatrach, the national oil company of Algeria."

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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