- ConocoPhillips COP, through its Australian subsidiary, intends to operate Australia Pacific LNG (APLNG) upstream.
- ConocoPhillips holds a 47.5% APLNG shareholding interest and has agreed to purchase up to an additional 2.49% for $0.5 billion, totaling 49.99% upon closing.
- Both the assumption of upstream operatorship and the shareholding acquisition are dependent on EIG closing its transaction with Origin Energy Ltd.OGFGF OGFGY.
- ConocoPhillips’ FY22 production from APLNG was ~136 thousand barrels of oil equivalent per day (MBOED).
- The transaction is expected to close in early 2024. The effective date of the transaction will be July 1, 2022.
- ConocoPhillips held cash and short-term investments of $9.5 billion as of December 31, 2022.
- Price Action: COP shares closed at $95.43 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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