ConocoPhillips Increases Interest In Trans Alaska Pipeline

ConocoPhillips has completed the acquisition of Amerada Hess Pipeline Corporation's interest in the Trans Alaska Pipeline System (TAPS). The purchase of the 1.5 percent interest in TAPS brings ConocoPhillips' ownership to 28.2 percent.

The acquisition was approved by the U.S. Department of Interior and the Regulatory Commission of Alaska. No other TAPS owners exercised their preferential rights option to obtain a proportionate interest on the same terms.

ConocoPhillips is Alaska's largest producer of oil and gas through its subsidiary ConocoPhillips Alaska, Inc.