Conocophillips Agrees To Purchase Additional Stake In APLNG For $0.5B

March 27, 2023 9:03 AM | 1 min read | Make a Comment

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.

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.