ConocoPhillips (NYSE:COP) announced today that it has completed the sale of the subsidiary that indirectly owns its 54% interest in the Indonesia Corridor Block Production Sharing Contract (PSC) and a 35% shareholding interest in the Transasia Pipeline Company to MedcoEnergi for $1.355 billion, with an effective date of Jan. 1, 2021. After customary closing adjustments, net cash from the sale is approximately $0.8 billion, which accounts for $0.1 billion restricted cash transferred to MedcoEnergi at closing.

"We are proud of our half-century history in Indonesia and pleased that MedcoEnergi recognizes the value of this business," said Ryan Lance, ConocoPhillips chairman and chief executive officer. "This disposition is part of our ongoing effort to focus our investments across low cost of supply opportunities."

The assets sold produced 51 thousand barrels of oil equivalent per day (MBOED) during 2021 and had year-end 2021 proved reserves of approximately 70 million barrels of oil equivalent.

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About ConocoPhillips

ConocoPhillips is one of the world's leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $91 billion of total assets and approximately 9,900 employees at Dec. 31, 2021. Production including Libya averaged 1,567 MBOED for the 12 months ended Dec. 31, 2021, and proved reserves were 6.1 BBOE as of Dec. 31, 2021. For more information, go to www.conocophillips.com.

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ConocoPhillips Completes Sale of Indonesia Assets