Potential Sale
ConocoPhillips is evaluating a potential sale of its Norwegian business and the Teesside terminal in the UK following an unsolicited offer.
The company said the review is in line with its portfolio optimization strategy but stressed it would retain the assets if the offer does not meet its expectations.
The Norwegian portfolio includes interests in several producing fields and licenses on the Norwegian Continental Shelf, while the Teesside terminal processes and exports crude oil and natural gas liquids from the Norwegian North Sea.
Capital One Securities estimates the combined value of the Norwegian business and Teesside terminal at approximately $7 billion, equivalent to around 4% of ConocoPhillips’ $163 billion enterprise value.
