ConocoPhilips estimates gains from oil asset sales to reach USD8.9 billion
A Reuters report said US oil company ConocoPhillips expected to receive USD8.9 billion from its recent sales of its assets in Northern America, Asia and Africa.
ConocoPhillips released its quarterly results and reported a significantly better profit. The company's net income increased to USD2.5 billion from USD1.8 billion from the same period a year earlier. In terms of income per share, ConocoPhillips recorded a USD2 income per share in the third quarter from USD1.46 a year earlier. According to Thomson Reuters data, ConocoPhillips gained USD1.47 earnings per share excluding one-time items. This figure beat analysts' expectations of USD1.45 per share.
ConocoPhillips sold its undeveloped Clyden oil sands that were based in Canada. The company also sold its Trinidad and Tobago-based assets. ConocoPhillips also exited from its interests in the massive Kashagan deposit located in the the Caspian Sea, and would be selling its interests in Algeria and Nigeria. However, ConocoPhillips did not disclose when it would realize the proceeds from its asset sales.