ConocoPhillips completed its previously announced sale to BP of a ConocoPhillips subsidiary that holds a 16.5 percent interest in the BP-operated Clair Field for an undisclosed price. ConocoPhillips retains a 7.5 percent interest in the field.

ConocoPhillips also completed a simultaneous acquisition of BP’s 39.2 percent interest in the Greater Kuparuk Area in Alaska and 38 percent interest in the Kuparuk Transportation Company for an undisclosed price.

Excluding customary adjustments, the transaction prices were cash neutral to both companies.

In the first nine months of 2018, production associated with the acquired 39.2 percent interest in Kuparuk was 39 thousand barrels of oil equivalent per day (MBOED), and production from the divested 16.5 percent interest in Clair Field was 4 MBOED. The expected net contribution to fourth-quarter production is less than 5 MBOED based on the closing date of Dec. 18, 2018, and was not included in prior fourth-quarter guidance. Incremental production and capital were included in the 2019 guidance the company provided on Dec. 10, 2018.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $71 billion of total assets, and approximately 11,100 employees as of Sept. 30, 2018. Production excluding Libya averaged 1,221 MBOED for the nine months ended Sept. 30, 2018, and proved reserves were 5.0 billion BOE as of Dec. 31, 2017.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.