Stock Market & Financial Investment News

News Breaks December 18, 2012 08:32 EDT COP ConocoPhillips to sell Algerian business for $1.75B ConocoPhillips announced it has entered into an agreement to sell its Algerian business unit for a total of $1.75B plus customary adjustments. The proposed sale is subject to co-venturer preemption rights and Algerian government approval. ConocoPhillips has entered into an agreement with Pertamina to sell its wholly-owned subsidiary, ConocoPhillips Algeria Ltd., which holds interests in three major onshore oil fields located either fully or partially in Block 405a, Menzel Lejmat North, Ourhoud and EMK. ConocoPhillips' 2012 net production from these fields averaged 11 thousand barrels of oil equivalent per day through October, and at Oct. 31, 2012, the net carrying value of ConocoPhillips' Algerian assets was approximately $850M. The transaction is anticipated to close by mid-2013. Through Sept. 30, 2012, the company's 2012-13 asset disposition program has yielded proceeds of $2.1B, Including this transaction, the company has announced additional asset sales that are expected to generate proceeds of approximately $7B when complete. Funds generated from these transactions are intended to be used for general corporate purposes. News For COP From The Last 14 Days Check below for free stories on COP the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. May 21, 2013 16:04 EDT COP Options Update; May 21, 2013 Subscribe for More Information 07:22 EDT COP ConocoPhillips pulls back on plans to sell oil sand assets, Globe and Mail says Subscribe for More Information May 15, 2013 12:46 EDT COP ConocoPhillips seeing some cost 'softness' that they can benefit from Subscribe for More Information 08:02 EDT COP FMC Technologies awarded $26M subsea equipment order from ConocoPhillips Subscribe for More Information 07:33 EDT COP National Association of Business Economics to hos a conference Subscribe for More Information May 14, 2013 11:20 EDT COP ConocoPhillips says making 'significant progress' on production, margin growth Subscribe for More Information Sign up for a free trial to see the rest of the stories you've been missing.