ConocoPhillips (COP) tells the Kazakhstan government it plans to sell its 8.4% stake in the...

|About: ConocoPhillips (COP)|By:, SA News Editor

ConocoPhillips (COP) tells the Kazakhstan government it plans to sell its 8.4% stake in the North Caspian Sea production sharing agreement (Kashagan) to ONGC Videsh Ltd., the international arm of India's Oil and Natural Gas Corp. Expected proceeds are ~$5B. COP expects to record an after-tax impairment of ~$400M in Q4 to reduce the carrying value to fair value. COP -0.4% premarket.