ConocoPhillips to sell San Juan Basin assets for up to $3B

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

ConocoPhillips (NYSE:COP) agrees to sell its interests in the San Juan Basin in the southwestern U.S. to an affiliate of Hilcorp Energy for up to $3B.

The proceeds consist of $2.7B in cash and a contingent payment of up to $300M for a six-year term effective Jan. 1, 2018.

Including the recently announced sale of Canadian oil sands assets, COP says it is on track to more than $16B of total divestments in 2017.