ConocoPhillips has completed its previously announced transaction with an undisclosed buyer to sell its Panhandle assets for USD184 million, plus net customary adjustments.
Proceeds from this transaction will be used for general corporate purposes. The company’s 2017 production guidance already reflects the impact of this sale.
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 17 countries, USD78 billion of total assets, and approximately 12,200 employees as of June 30, 2017. Production excluding Libya averaged 1,503 MBOED for the six months ended June 30, 2017, and proved reserves were 6.4 billion BOE as of Dec. 31, 2016.