HOUSTON--(BUSINESS WIRE)--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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About ConocoPhillips
ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 29 countries, $55 billion in annualized revenue, $120 billion of total assets, and approximately 18,000 employees as of Sept. 30, 2013. Production from continuing operations averaged 1,511 MBOED for the nine months ended Sept. 30, 2013, and proved reserves were 8.6 billion BOE as of Dec. 31, 2012. For more information, go to www.conocophillips.com.
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