ConocoPhillips agrees to sell interest in Ursa and Europa Fields

ConocoPhillips has entered into an agreement to sell its interests in the Ursa and Europa Fields to subsidiaries of Shell for $735 million subject to customary closing adjustments. The transaction also includes an overriding royalty interest in the Ursa Field. Proceeds from this transaction will be used for general corporate purposes.

Full-year 2024 production associated with the company’s 15.96% interest in the Ursa Field and 1% interest in the Europa Field was approximately 8,000 barrels of oil equivalent per day (mboed). The transaction is subject to customary closing conditions and is expected to be completed by the end Q2 2025. The effective date of the transaction 1 January 2025.