Markets

ConocoPhillips to Sell Indonesian Business for $1.36 Billion; Exercising Right to Buy 10% Stake in Australia Pacific LNG

9:59AM ET 12/08/2021 MT Newswires
ConocoPhillips (COP) said Wednesday it agreed to sell its Indonesian subsidiary to MedcoEnergi for about $1.36 billion.

The company's Indonesian business owns 54% interest in the Indonesia Corridor Block Production Sharing Contract and a 35% stake in the Transasia Pipeline Company.

The sale is expected to close in early 2022, subject to certain conditions.

Meanwhile, the company said it plans to exercise its right to buy an additional 10% stake in Australia Pacific LNG from Origin Energy, boosting its stake to 47.5%, for $1.65 billion in cash.

The deal is expected to close in Q1 2022, subject to Australian government approval.

ConocoPhillips shares were marginally higher in morning trading.

Price: 74.32, Change: -0.25, Percent Change: -0.34