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MarketScreener Homepage  >  Equities  >  Nyse  >  ConocoPhillips    COP

CONOCOPHILLIPS

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ConocoPhillips : to Shed U.K. Oil Exploration Business

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04/18/2019 | 09:20am EDT

By Micah Maidenberg

ConocoPhillips is exiting the oil exploration and production market in the U.K. after reaching a deal to sell two units that focus on production in the North Sea to Chrysaor E&P Ltd. for about $2.68 billion.

"This disposition is part of our ongoing effort to hone our portfolio and focus our investments across future low cost of supply opportunities, " ConocoPhillips Chief Executive Ryan Lance said in prepared remarks.

ConocoPhillips will continue operating a London-based trading business and keep its 40.25% interest in the Teesside oil terminal.

The U.S. oil giant said the U.K. subsidiaries last year produced 72,000 barrels of oil equivalent per day and had proven reserves of 99 million barrels of oil equivalent at year-end.

Closely held Chrysaor was formed in 2007 and focuses on oil and gas in the North Sea.

"This significant acquisition reflects our continuing belief that the U.K. North Sea has material future potential for oil and gas production, " Chrysaor Chief Executive Phil Kirk said in prepared remarks.

The sale is expected to be completed in the second half of this year.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CONOCOPHILLIPS 4.80% 53.94 Delayed Quote.-13.49%
WTI 0.39% 56.19 Delayed Quote.20.64%
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Financials (USD)
Sales 2019 35 714 M
EBIT 2019 8 840 M
Net income 2019 5 628 M
Debt 2019 6 111 M
Yield 2019 2,29%
P/E ratio 2019 10,7x
P/E ratio 2020 13,0x
EV / Sales2019 1,85x
EV / Sales2020 1,85x
Capitalization 59 881 M
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Technical analysis trends CONOCOPHILLIPS
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TrendsBearishBearishBearish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 75,35  $
Last Close Price 53,94  $
Spread / Highest target 59,4%
Spread / Average Target 39,7%
Spread / Lowest Target 7,53%
EPS Revisions
Managers
NameTitle
Ryan M. Lance Chairman & Chief Executive Officer
Matthew J. Fox Chief Operating Officer & Executive Vice President
Donald Evert Wallette Chief Financial Officer & Executive Vice President
Harald Johan Norvik Independent Director
Robert A. Niblock Independent Director
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