HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today announced the completion of its previously announced transaction to sell its Barnett assets to Lime Rock Resources for approximately $230 million plus net customary adjustments.
Proceeds from this transaction will be used for general corporate purposes. The company’s fourth-quarter 2018 guidance already reflects the impact of the sale.
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 11,100 employees as of Sept. 30, 2018. Production excluding Libya averaged 1,221 MBOED for the nine months ended Sept. 30, 2018, and proved reserves were 5.0 billion BOE as of Dec. 31, 2017. For more information, go to www.conocophillips.com.