ConocoPhillips, NGC close on sale of Trinidad and Tobago midstream assets

ConocoPhillips reported it has closed a transaction with National Gas Co. of Trinidad & Tobago Ltd. (NGC) for the sale of its wholly owned subsidiary Trinidad & Tobago Holdings LLC (TTH) for $600 million. ConocoPhillips made the initial decision to pull out of the Caribbean twin-island nation in late-2003 (OGJ Online, Oct. 30, 2003).

TTH holds a 39% interest in Phoenix Park Gas Processors Ltd., which operates a gas processing and natural gas liquids fractionation facility at Point Lisas.

“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.

ConocoPhillips expects to recognize an aftertax gain of $290 million for the sale.

Including this transaction, ConocoPhillips has announced expected proceeds of $14.1 billion from the sale of nonstrategic assets as part of its 2012-13 asset disposition program. Through June 30, the company has received $3.8 billion in proceeds from completed sales, with the remainder expected by yearend.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected