ConocoPhillips announced that it has entered into an agreement to sell a ConocoPhillips subsidiary to BP for an undisclosed price. The subsidiary will hold a 16.5 percent interest in the BP-operated Clair Field, with ConocoPhillips retaining a 7.5 percent interest in the field. The sale is subject to regulatory approval.

ConocoPhillips also announced it has entered into simultaneous agreements to acquire BP’s 39.2 percent interest in the Greater Kuparuk Area in Alaska and BP’s 38 percent interest in the Kuparuk Transportation Company for an undisclosed price. The Greater Kuparuk Area acquisition is subject to co-owner pre-emption rights and both acquisitions are subject to regulatory approval.

These transactions are inter-conditional and expected to close simultaneously following regulatory approvals. Excluding customary adjustments, the transaction prices are expected to be cash neutral to both companies. The effective date for the transactions will be July 1, 2018.

“These transactions are significant for ConocoPhillips because they continue our strategy of coring up our legacy asset base in Alaska, while retaining an interest in the Clair Field in the U.K.,” said Ryan Lance, chairman and chief executive officer. “We have a long history of creating value in Alaska and an ongoing commitment to invest in our legacy assets, as well as in the development of our recent exploration success. Likewise, we are committed to maximizing the value of our assets in the U.K. North Sea, including continued investment in our operated assets in the Central North Sea.”

Full-year 2017 production and year-end 2017 proved reserves associated with the 16.5 percent interest in the Clair Field were approximately 3 thousand barrels of oil equivalent per day (MBOED) and approximately 40 million barrels of oil equivalent (MMBOE), respectively. Full-year 2017 production and year-end 2017 proved reserves associated with the 39.2 percent interest in the Greater Kuparuk Area were approximately 38 MBOED and approximately 190 MMBOE, respectively.

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 11,200 employees as of March 31, 2018. Production excluding Libya averaged 1,224 MBOED for the three months ended March 31, 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.