ConocoPhillips (COP) said Friday it signed a deal to sell its interests in the Ursa and Europa fields located in the Gulf of Mexico to Shell's (SHEL) subsidiaries for $735 million.
The sale also includes the company's interests in the Ursa Oil Pipeline Company, and ownership from all the assets will be transferred to Shell Offshore and Shell Pipeline, according to ConocoPhillips.
The transaction also includes an overriding royalty interest in the Ursa field, ConocoPhillips said.
ConocoPhillips expects the sale to close by the end of Q2, with proceeds to be used for general corporate purposes.
ConocoPhillips said full-year 2024 production tied to its nearly 16% stake in the Ursa field and 1% stake in the Europa field totaled approximately 8,000 barrels of oil equivalent per day.
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