ConocoPhillips Sells Syncrude Stake to Sinopec

ConocoPhillips has completed the previously announced $4.65 billion sale of its 9.03 percent interest in Syncrude with subsidiaries of Sinopec International Petroleum Exploration and Production Company (SIPC).

"Completion of this transaction is an important step in our $10 billion divestiture program," said Jim Mulva, ConocoPhillips chairman and chief executive officer. "The sale of the Syncrude interest, an oil sands mining operation north of Fort McMurray, Alberta, Canada, is just one part of ConocoPhillips' plan to create value for shareholders through a continued focus on disciplined capital investment, a strengthened financial position, improved returns on capital, and growth in shareholder distributions while growing production and reserves per share."

Credit Suisse acted as the sole financial advisor to ConocoPhillips while Osler, Hoskin and Harcourt acted as the Houston-based company's legal counsel for this transaction.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Permian Sr. Land Representative - Midland, TX
Expertise: Energy / Commodity Trading|Helicopter Pilot / Operations|Laboratory Ops / Tech|Legal|Marketing|ROV Ops / Tech|Seismic
Location: Houston, TX
 
MOTIVA - Technical Accounting Lead - Houston, TX
Expertise: Accounting|Laboratory Ops / Tech|Legal|ROV Ops / Tech
Location: Houston, TX
 
MOTIVA - Specialist - Mechanical - Port Arthur, TX
Expertise: Helicopter Pilot / Operations|Laboratory Ops / Tech|Legal|Machinist|Mechanic|QA / QC / Inspection|Rotating Equipment|ROV Ops / Tech
Location: Port Arthur, TX
 
search for more jobs

Brent Crude Oil : $44.62/BBL 4.55%
Light Crude Oil : $43.78/BBL 0.29%
Natural Gas : $2.14/MMBtu 2.88%
Updated in last 24 hours