ConocoPhillips Announces Sale of Trinidad and Tobago Asset
HOUSTON -- August 16, 2013
ConocoPhillips (NYSE: COP) today announced that it has closed a transaction
with the National Gas Company of Trinidad and Tobago Limited (NGC) for the
sale of its wholly owned subsidiary, Trinidad and Tobago Holdings LLC, for a
total consideration of $600 million plus customary adjustments.
Trinidad and Tobago Holdings LLC holds a 39 percent interest in Phoenix Park
Gas Processors Limited (PPGPL). PPGPL operates a gas processing and natural
gas liquids fractionation facility located at Point Lisas, Trinidad.
“The sale of this noncore, midstream asset represents further progress in
strengthening and focusing the ConocoPhillips portfolio, and advances the
strategic interests of both NGC and ConocoPhillips,” said Don Wallette,
executive vice president, Commercial, Business Development and Corporate
Planning. “We appreciate the long and productive relationship we have had with
ConocoPhillips expects to recognize an after-tax gain of approximately $290
million for the sale.
Including this transaction, ConocoPhillips has announced expected proceeds of
approximately $14.1 billion from the sale of nonstrategic assets as part of
its 2012-13 asset disposition program. Through June 30, 2013, the company has
received $3.8 billion in proceeds from completed sales, with the remainder
expected by year-end 2013. These proceeds will be available for general
corporate purposes and allow the company to advance existing growth programs.
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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 30 countries, $55 billion in
annualized revenue, $117 billion of total assets, and approximately 17,500
employees as of June 30, 2013. Production from continuing operations averaged
1,531 MBOED for the six months ended June 30, 2013, and proved reserves were
8.6 billion BOE as of Dec. 31, 2012. For more information, go to
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Kris Sava (media), 281-293-1808
Vladimir R. dela Cruz (investors), 212-207-1996
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