HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today announced that approvals have been obtained for the previously announced bolt-on acquisition of Anadarko Petroleum Corporation’s (NYSE: APC) 22 percent lease interests in the Western North Slope of Alaska. ConocoPhillips now has 100 percent interest in approximately 1.2 million acres of exploration and development lands, including the Willow discovery. Approval of the assignment of the lease interests was finalized on May 30, 2018.
The previously announced price of $400 million before customary adjustments was paid in the first quarter of 2018. The expenditure, net of customary adjustments, will be reported as capital in the second quarter of 2018.
In the first quarter of 2018, production associated with the acquired 22 percent lease interests was 11 thousand barrels of oil equivalent per day (MBOED). The expected impact on second-quarter production is 5 MBOED based on a May 17, 2018 start date. This production was not included in prior guidance.
ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $71 billion of total assets, and approximately 11,200 employees as of March 31, 2018. Production excluding Libya averaged 1,224 MBOED for the three months ended March 31, 2018, and proved reserves were 5.0 billion BOE as of Dec. 31, 2017. For more information, go to www.conocophillips.com.