Oil and gas heavyweight ConocoPhillips said last week it is planning on divesting billions of dollars in assets over the next two years as part of a plan to improve its financial position and increase returns on capital. The company said it plans to achieve its goals through a combination of enhanced capital discipline and portfolio rationalization.
Divesting
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ConocoPhillips to Sell $10B in Assets to Improve Financial Position
Oil and gas heavyweight ConocoPhillips said Wednesday it is planning on divesting billions of dollars in assets over the next two years as part of a plan to improve its financial position and increase returns on capital. The company said it plans to achieve its goals through a combination of enhanced capital discipline and portfolio rationalization.
Linn Energy Sells Woodford Shale Deep Rights for $229M
Continuing its strategy of divesting assets considered noncore to the company, Houston-based Linn Energy LLC said it has entered into an agreement with an undisclosed buyer to sell its deep rights in certain central Oklahoma acreage, which includes the Woodford Shale interval, for cash consideration of $229 million.
Anadarko Sells off Piece of Canadian Properties for $142M
Anadarko Petroleum Corp. is divesting “Phase 1” of its Canadian properties to a subsidiary of Calgary-based Advantage Energy Income Fund for $142 million. The package holds an estimated 9.9 MMboe of proved reserves and current net production of 4,500 boe/d (net after royalties).
Williams Pegs Year-End 2003 Reserves at 2.7 Tcfe
Despite divesting a number of producing properties during the year, Williams said last week that as of Dec. 31, 2003 it had 2.7 Tcfe in proved U.S. natural gas reserves, slightly less than the 2.8 Tcfe the company logged at the end of 2002. Williams noted that its 2003 divestitures totaled 390 Bcfe of proved reserves.
Williams Pegs Year-End 2003 Reserves at 2.7 Tcfe
Despite divesting a number of producing properties during the year, Williams said Tuesday that as of Dec. 31, 2003 it had 2.7 Tcfe in proved U.S. natural gas reserves, slightly less than the 2.8 Tcfe the company logged at the end of 2002. Williams noted that its 2003 divestitures totaled 390 Bcfe of proved reserves.
El Paso Continues Asset Liquidation; Sells Enerplus Global for $32M
Continuing on with its goal of divesting $3.4 billion in assets for calendar year 2003, El Paso Corp. announced that it has agreed to sell all of the outstanding shares in Enerplus Global Energy Management Co. to Enerplus Resources Fund for approximately $32 million.