ConocoPhillips (NYSE: COP) today announced that approvals have been
obtained for the previously announced bolt-on acquisition of Anadarko
Petroleum Corporation’s (NYSE: APC) 22 percent lease interests in the
Western North Slope of Alaska. ConocoPhillips now has 100 percent
interest in approximately 1.2 million acres of exploration and
development lands, including the Willow discovery. Approval of the
assignment of the lease interests was finalized on May 30, 2018.
The previously announced price of $400 million before customary
adjustments was paid in the first quarter of 2018. The expenditure, net
of customary adjustments, will be reported as capital in the second
quarter of 2018.
In the first quarter of 2018, production associated with the acquired 22
percent lease interests was 11 thousand barrels of oil equivalent per
day (MBOED). The expected impact on second-quarter production is 5 MBOED
based on a May 17, 2018 start date. This production was not included in
prior guidance.
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About ConocoPhillips
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, $71
billion of total assets, and approximately 11,200 employees as of March
31, 2018. Production excluding Libya averaged 1,224 MBOED for the three
months ended March 31, 2018, and proved reserves were 5.0 billion BOE as
of Dec. 31, 2017. For more information, go to www.conocophillips.com.
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future events or otherwise.
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