ConocoPhillips (NYSE: COP) has completed its previously announced sale to BP (NYSE: BP) of a ConocoPhillips subsidiary that holds a 16.5% interest in the BP-operated Clair Field for an undisclosed price, the company said on Dec. 18. ConocoPhillips retains a 7.5% interest in the field.
ConocoPhillips also completed a simultaneous acquisition of BP’s 39.2% interest in the Greater Kuparuk Area in Alaska and 38% interest in the Kuparuk Transportation Co. for an undisclosed price.
Excluding customary adjustments, the transaction prices were cash neutral to both companies.
In the first nine months of 2018, production associated with the acquired 39.2% interest in Kuparuk was 39,000 barrels of oil equivalent per day (boe/d), and production from the divested 16.5% interest in Clair Field was 4,000 boe/d. The expected net contribution to fourth-quarter production is less than 5,000 boe/d based on the closing date of Dec. 18, 2018, and was not included in prior fourth-quarter guidance. Incremental production and capital were included in the 2019 guidance the company provided on Dec. 10, 2018.
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