ConocoPhillips completes sale of Nigeria business (Scandinavian Oil-Gas Magazine)

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ConocoPhillips completes sale of Nigeria business

Published Jul 31, 2014

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ConocoPhillips has completed the transaction with Oando Energy Resources (OER), a subsidiary of Oando PLC, for the sale of its Nigeria upstream business for a total sales price, after customary adjustments, of $1.5 billion.

The sales price is inclusive of $550 million of deposits received, approximately $900 million received at closing, plus $33 million in deferred payments.

The sales price less the cash in the business at closing, approximately $100 million, generated net proceeds of approximately $1.4 billion, after customary adjustments. The company expects to recognize an after-tax gain of approximately $1.1 billion for the sale.

Tags: ConocoPhillips, Oando Energy Resources Inc.

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