Lukoil Repurchases Stake from ConocoPhillips for $2.38B

ConocoPhillips has received notice of Lukoil's intent to exercise its option to purchase 42,500,000 of the Lukoil depositary receipts held by ConocoPhillips at a price of $56 per share. ConocoPhillips has been advised by Lukoil that the depositary receipts will be delivered to a third party financial institution. ConocoPhillips expects to receive pretax proceeds of $2.38 billion at closing on Sept. 29, 2010.

With completion of the option exercise, combined with the previously announced $3.44 billion sale of shares to Lukoil and open market sales, ConocoPhillips will have generated year-to-date pretax proceeds of $6.44 billion. These proceeds will be used primarily to repurchase ConocoPhillips common stock. Following the option exercise, ConocoPhillips will hold a 6.15 percent remaining interest in Lukoil.

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had $151 billion of assets, and $181 billion of annualized revenues as of June 30, 2010.

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