ConocoPhillips completes $600M Caribbean asset sale

Houston-based exploration and production firm ConocoPhillips said Friday it completed the sale of a Caribbean midstream asset for $600 million.

The company said the deal was with the National Gas Company of Trinidad and Tobago and involved ConocoPhillips’ wholly owned subsidiary, Trinidad and Tobago Holdings.

Trinidad and Tobago Holdings LLC holds a 39 percent stake in Phoenix Park Gas Processors, which operates a gas processing and natural gas liquids fractionation facility at Point Lisas, Trinidad.

Read more: ConocoPhillips touts better-than-expected Eagle Ford production

ConocoPhillips said it expects to recognize an after-tax gain of roughly $290 million from the sale.

The company said that, including the Caribbean deal, it has announced expected proceeds of roughly $14.1 billion from the sale of nonstrategic assets as part of a divestment program it started in 2012.

As of June 30, the company had received $3.8 billion in proceeds from completed sales. The rest of the money is expected by the end of this year.

Also on FuelFix:

Salaries soaring for oil workers overseas

 

SHOW MORE

About The Author

Veteran newsman currently covering energy for The Houston Chronicle. Spent 12 years at The Associated Press covering energy, airlines, general business news, legal affairs, politics and state and federal government issues. Won or shared numerous awards and award nominations for coverage of the Gulf oil spill, Delta Air Lines, the Atlanta courthouse shootings and the murders of two Dartmouth College professors. Prior to AP, worked at two daily newspapers in the Boston area.