Shares of ConocoPhillips (NYS:COP) edged up 0.2% in morning trading, after the announced two deals Wednesday related to its Asia-Pacific portfolio of assets, one for the sale of assets for $1.36 billion and the other to increase and investment by up to $1.65 billion. The oil and gas company said it has agreed to sell its subsidiary that indirectly owns it 54% stake in the Indonesia Corridor Block Production Sharing Contract and a 35% interest in the Transasia Pipeline Company to MedcoEnergi for $1.355 billion. The Indonesia assets being sold had produced 50,000 barrels of oil equivalent per day (MBOED) during the nine months ended Sept. 30. The company also said it is exercising its right to buy up to an additional 10% stake in Australia Pacific LNG for up to $1.645 billion from Origin Energy, with the deal expected to close in the first quarter of 2022. ConocoPhillips stock has shot up 35.2% over the past three months, while the SPDR Energy Select Sector ETF (PSE:XLE) has rallied 20.4% and the S&P 500 (S&P:SPX) has gained 3.8%.
Dec. 8, 2021, 9:39 a.m. EST