ConocoPhillips Closes Sale Of Trinidad And Tobago Holdings

(RTTNews) - ConocoPhillips (COP) Friday said it closed a transaction with the National Gas Company of Trinidad and Tobago Limited for the sale of its wholly owned subsidiary, Trinidad and Tobago Holdings LLC, for $600 million.

Trinidad and Tobago Holdings LLC holds a 39 percent interest in Phoenix Park Gas Processors Ltd. ConocoPhillips expects to recognize an after-tax gain of about $290 million for the sale.

"The sale of this noncore, midstream asset represents further progress in strengthening and focusing the ConocoPhillips portfolio, and advances the strategic interests of both NGC and ConocoPhillips," said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning.

ConocoPhillips also said it expects proceeds of about $14.1 billion from the sale of non-strategic assets as part of its 2012-13 asset disposition program. Through June 30, 2013, the company has received $3.8 billion in proceeds from completed sales, with the remainder expected by year-end 2013.