(RTTNews) - ConocoPhillips (COP) announced it agreed to sell its interests in the Ursa and Europa Fields and Ursa Oil Pipeline Company LLC to Shell Offshore Inc. and Shell Pipeline Company LP, subsidiaries of Shell plc, for $735 million subject to customary closing adjustments. The transaction also includes an overriding royalty interest in the Ursa Field.
ConocoPhillips expects to use proceeds from the transaction for general corporate purposes.
The transaction is expected to be completed by the end of second quarter of 2025. The effective date of the transaction is January 1, 2025.
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