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Tuesday, December 18, 2012

ConocoPhillips to sell Algerian unit to Pertamina for $1.75 bln, (NYSE: COP)

ConocoPhillips struck a deal to sell its Algerian business unit to Indonesian state oil firm Pertamina for around $1.75 billion. The U.S. oil and natural gas company said Tuesday that the unit it is selling, ConocoPhillips Algeria Ltd, holds interests in three major onshore oil fields with average net production of 11,000 barrels of oil equivalent per day. ConocoPhillips said the net carrying value of the Algerian assets was about $850 million at the end of October.The proposed sale is subject to pre-emption rights by ConocoPhillips' partners in the fields and to Algerian government approval.

ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Shares of COP remained unchanged at $58.28. In the past year, the shares have traded as low as $50.62 and as high as $78.29. On average, 5955910 shares of COP exchange hands on a given day and today's volume is recorded at 400.