ConocoPhillips Completes Sale of Syncrude Stake to Sinopec
HOUSTON, June 25, 2010 -- ConocoPhillips [NYSE:COP] announced today that it has completed the previously announced $4.65 billion sale of its 9.03 percent interest in Syncrude with subsidiaries of Sinopec International Petroleum Exploration and Production Company (SIPC).
"Completion of this transaction is an important step in our $10 billion divestiture program," said Jim Mulva, ConocoPhillips chairman and chief executive officer. "The sale of the Syncrude interest, an oil sands mining operation north of Fort McMurray, Alberta, Canada, is just one part of ConocoPhillips' plan to create value for shareholders through a continued focus on disciplined capital investment, a strengthened financial position, improved returns on capital, and growth in shareholder distributions while growing production and reserves per share."
Credit Suisse acted as the sole financial advisor to ConocoPhillips while Osler, Hoskin and Harcourt acted as the Houston-based company's legal counsel for this transaction.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $155 billion of assets and $179 billion of annualized revenues as of March 31, 2010. For more information, go to www.conocophillips.com.