ConocoPhillips to Sell Ursa, Europa Interests, Pipeline Stake to Shell for $735 Million
(P&GJ) — ConocoPhillips has agreed to sell its interests in the Ursa and Europa fields, along with its stake in Ursa Oil Pipeline Company LLC, to Shell Offshore Inc. and Shell Pipeline Company LP for $735 million.
The deal, subject to customary closing adjustments, also includes an overriding royalty interest in the Ursa Field.
Proceeds from the sale will go toward general corporate purposes, the company said.
“Combined with previously announced dispositions, this transaction reflects our ongoing commitment to further strengthen our portfolio by divesting noncore assets and shows significant progress toward our $2 billion disposition target,” said Andy O’Brien, senior vice president of strategy, commercial, sustainability, and technology.
ConocoPhillips holds a 15.96% interest in the Ursa Field and a 1% stake in the Europa Field, with associated production averaging about 8,000 barrels of oil equivalent per day in 2024.
The transaction, subject to regulatory approvals and other closing conditions, is expected to be completed by the end of the second quarter of 2025. The effective date is Jan. 1, 2025.
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