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NEWS BULLETIN

February 01, 2018 --- Vol. 24, No.3February 2018

ConocoPhillips buys Anadarko out of western North Slope position

ConocoPhillips said Feb. 1 in its quarterly earnings release that it has signed a definitive agreement with Anadarko Petroleum Corp. to acquire Anadarko's 22 percent nonoperated interest in the Western North Slope of Alaska, as well as its interest in the Alpine pipeline, for $400 million in cash, before customary adjustments.

ConocoPhillips said the transaction is subject to regulatory approval and has an effective date of Oct. 1, 2017.

Gross daily production from these assets last year was 63,000 barrels of oil equivalent per day.

ConocoPhillips will also have 100 percent interest in some 1.2 million acres of exploration and development lands, including the Willow discovery.

- Petroleum News

See story in Feb. 11 issue, available online Friday, Feb. 9 at www.PetroleumNews.com

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