By Dean Seal
ConocoPhillips has agreed to sell two oilfields and a pipeline in the Gulf of Mexico to Shell subsidiaries for $735 million.
The Houston oil giant said Friday that it would sell the Ursa and Europa fields as well as the Ursa Oil Pipeline Company to Shell Offshore and Shell Pipeline Company. The deal includes an overriding royalty interest in the Ursa field.
Shell said in a separate release that with the deal, it is increasing its stake in the Ursa platform to 61.35%, a maximum limit, from 45.4%. ConocoPhillips said it would use proceeds from the sale for general corporate purposes.
The deal is expected to close by the end of the second quarter.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 21, 2025 12:41 ET (17:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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