ConocoPhillips has completed its previously announced sale to BP of a ConocoPhillips subsidiary that holds a 16.5 percent interest in the BP-operated Clair Field for an undisclosed price. ConocoPhillips retains a 7.5 percent interest in the field.
ConocoPhillips also completed a simultaneous acquisition of BP’s 39.2 percent interest in the Greater Kuparuk Area in Alaska and 38 percent interest in the Kuparuk Transportation Company 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 percent interest in Kuparuk was 39 thousand barrels of oil equivalent per day (MBOED), and production from the divested 16.5 percent interest in Clair Field was 4 MBOED. The expected net contribution to fourth-quarter production is less than 5 MBOED 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.
Source: ConocoPhillips
