ConocoPhillips has completed the sale of two of its UK subsidiaries to Chrysaor E&P Ltd. for $2.675 billion, plus interest and customary adjustments (OGJ Online, Apr. 18, 2019).
Privately owned Chrysaor acquired the UK units that, together, indirectly hold the exploration and production assets of ConocoPhillips in the UK, as well as an ongoing decommissioning program in the UK southern North Sea, which Chrysaor expects to have materially completed by 2022.
In the first half of this year, production associated with the UK assets sold was 72,000 boe/d. There is no impact to third-quarter production guidance as a result of the sale, ConocoPhillips said.