HOUSTON (AP) — ConocoPhillips it sold its interest in a Russian joint venture to Russia's Lukoil for about $400 million.
Lukoil bought a 30-percent stake in NaryanMarNefteGaz, giving it full ownership of the business, Conoco said Wednesday. ConocoPhillips will record a gain of about $400 million after taxes on the sale.
For the last few years Conoco has been selling refineries, pipelines and other assets to remake itself as an independent oil and gas producer. It has sold more than $20 billion in assets and investments since 2010, and the company plans to sell billions more this year. ConocoPhillips also spun off its downstream business, which includes refineries and pipelines, earlier in 2012.
Shares of ConocoPhillips dipped 10 cents to $56.53 in morning trading.
- Investment & Company Information