April 13, 2017 / 11:42 AM / 3 months ago

BRIEF-Conocophillips announces agreement to sell San Juan basin assets

1 Min Read

April 13 (Reuters) - Conocophillips

* Conocophillips announces agreement to sell San Juan basin assets

* Conocophillips - to sell its interests in San Juan basin to an affiliate of Hilcorp Energy company for up to $3.0 billion of total proceeds

* Says deal comprises of $2.7 billion in cash and a contingent payment of up to $300 million

* Conocophillips - contingent payment is effective beginning Jan. 1, 2018 and has a term of six years

* Conocophillips- expects to record a non-cash impairment on assets in Q2 of 2017

* Conocophillips - company expects to record a non-cash impairment on assets in Q2 of 2017

* Conocophillips - including recently announced Canadian asset sales, the transactions will materially reduce co's exposure to North American gas

* Conocophillips - post Canadian and San Juan basin transactions, sees 2017 nar production on pro forma basis of 1,145 – 1,175 mboed Source text for Eikon: Further company coverage:

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