ConocoPhilips sells Trinidad and Tobago asset for $600 Million
BY NATHALIE TADENA
HOUSTON -- ConocoPhillips has sold its midstream asset in Trinidad and Tobago for $600 million to the National Gas Company of Trinidad and Tobago Ltd. for $600 million, as the exploration-and-production company continues to divest noncore assets.
The company said it expects to recognize an after-tax gain of about $290 million from the sale of Trinidad and Tobago Holdings LLC, which holds a 39% interest in a gas processing and natural-gas liquids fractionalization facility located in Trinidad.
ConocoPhillips is in the midst of a three-year repositioning in which it has shed billions of dollars in assets and is planning to divest itself of more operations as it seeks to focus on fast-growing shale plays in the U.S. Including the latest deal, ConcooPhillips has unveiled expected proceeds of about $14.1 billion from the sale of nonstrategic assets as part of its asset disposition program.
Earlier this month, ConocoPhillips reported that its second-quarter earnings fell 9.6% as it posted lower revenue and came up against a year-earlier period that included contributions from its former downstream business.
Shares were up 24 cents to $67.62 after hours. Through the close, the stock is up 16% since the start of the year.
Dow Jones Newswires