Conoco Leaving Vietnam (COP)
ConocoPhillips (NYSE: COP) announced this morning that it was selling all its operations in Vietnam to a division of France’s Perenco SA for $1.29 billion. The sale includes three Conoco wholly-owned subsidiaries with minority stakes in two offshore blocks and…
ConocoPhillips (NYSE: COP) announced this morning that it was selling all its operations in Vietnam to a division of France’s Perenco SA for $1.29 billion. The sale includes three Conoco wholly-owned subsidiaries with minority stakes in two offshore blocks and the Nam Con Son pipeline. Conoco realized about 20,000 barrels/day of its 1.62 million barrels/day of 2011 production from its Vietnamese assets.
The company noted that in the past two years it has divested $20.2 billion in assets, including $9.5 billion from its sale the company’s stake in Russia’s Lukoil. This sale would appear to complete Conoco’s plan to divest $15-$20 billion in assets in 2010-2012.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
