ConocoPhillips announced that it has completed the previously announced transaction to acquire additional Montney acreage in Canada from Kelt Exploration Ltd. Cash consideration for the transaction was approximately $390 million at current foreign exchange rates and is subject to customary post-closing adjustments. The company also assumed approximately $30 million in financing obligations for associated partially owned infrastructure. The company now has 295,000 net acres in the Montney with 100 percent working interest.

“The liquids-rich Montney represents an attractive low cost of supply resource within our portfolio,” said Matt Fox, executive vice president and chief operating officer. “By nearly doubling our net acreage position, this acquisition provides us with the scale to optimize development in an area where we are already seeing encouraging early results.”

Production associated with the acquired asset was approximately 15 thousand barrels of oil equivalent per day (MBOED) in the second quarter of 2020. Given ongoing variability and uncertainty in the outlook for production curtailments, the company will continue to suspend forward-looking guidance and sensitivities.

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips (NYSE: COP) had operations and activities in 16 countries, $63 billion of total assets, and approximately 9,700 employees on June 30, 2020. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019.