ConocoPhillips Announces Plans to Become Upstream Operator and Agreement to Purchase Additional Shareholding Interest in APLNG
27 Março 2023 - 06:25AM
Business Wire
ConocoPhillips (NYSE: COP) today announced through its
Australian subsidiary that it plans to become upstream operator of
Australia Pacific LNG (APLNG) following the closing of EIG’s
transaction with Origin Energy. In connection with this
announcement, ConocoPhillips has agreed to purchase up to an
additional 2.49% shareholding interest in APLNG for $0.5 billion,
subject to customary adjustments. ConocoPhillips currently holds a
47.5% APLNG shareholding interest and will own up to 49.99% of
APLNG upon closing. Both the assumption of upstream operatorship
and the shareholding acquisition are dependent on EIG closing its
transaction with Origin. EIG’s transaction with Origin and
ConocoPhillips’ shareholding acquisition are subject to Australian
regulatory approvals and other customary closing conditions.
“We are pleased to have the opportunity to become upstream
operator and increase our ownership in APLNG. Origin pioneered the
development of coal seam gas into LNG and has contributed to
APLNG’s status as a safe and dependable LNG supplier. We look
forward to leveraging our global upstream expertise to further
enhance APLNG as a world-class integrated LNG operation,” said Andy
O’Brien, senior vice president, Global Operations. “APLNG is
currently the largest supplier of natural gas to Australia’s East
Coast domestic market, meeting between 20-30% of its total demand.
It will continue supplying customers in China and Japan with
reliable energy that is lower in GHG intensity than other fossil
fuel alternatives, and thus help meet energy transition pathway
demand for years to come.”
ConocoPhillips’ full-year 2022 production from APLNG was
approximately 136 thousand barrels of oil equivalent per day
(MBOED). The transaction is expected to close in early 2024. The
effective date of the transaction will be July 1, 2022.
Morgan Stanley & Co. LLC is serving as ConocoPhillips’
financial advisor for the transaction.
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About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and
production companies based on both production and reserves, with a
globally diversified asset portfolio. Headquartered in Houston,
Texas, ConocoPhillips had operations and activities in 13
countries, $94 billion of total assets and approximately 9,500
employees at Dec. 31, 2022. Production averaged 1,738 MBOED for the
12 months ended Dec. 31, 2022, and proved reserves were 6.6 BBOE as
of Dec. 31, 2022. For more information, go to www.conocophillips.com.
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under existing or future environmental regulations; potential
liability resulting from pending or future litigation, including
litigation related directly or indirectly to our transaction with
Concho Resources Inc.; the impact of competition and consolidation
in the oil and gas industry; limited access to capital or insurance
or significantly higher cost of capital or insurance related to
illiquidity or uncertainty in the domestic or international
financial markets or investor sentiment; general domestic and
international economic and political conditions or developments,
including as a result of any ongoing military conflict, including
the conflict between Russia and Ukraine; changes in fiscal regime
or tax, environmental and other laws applicable to our business;
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constraints or disruptions; and other economic, business,
competitive and/or regulatory factors affecting our business
generally as set forth in our filings with the Securities and
Exchange Commission. Unless legally required, ConocoPhillips
expressly disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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Dennis Nuss (media) 281-293-4733
dennis.nuss@conocophillips.com
Investor Relations 281-293-5000
investor.relations@conocophillips.com
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