News Summary: ConocoPhillips to sell Algerian unit

News Summary: ConocoPhillips to sell Algerian unit for $1.75B as part of slim-down effort

Associated Press

STILL SLIMMING DOWN: ConocoPhillips, as part of its massive downsizing effort, has agreed to sell its business in Algeria to Indonesia's state-owned oil and gas company Pertamina for $1.75 billion.

TO DATE: ConocoPhillips has sold more than $20 billion in refineries, pipelines and other assets since 2010 to remake itself as an independent oil and gas producer.

NORTH AFRICA: The Algeria business holds stakes in three major oil fields. The fields produced an average 11,000 barrels of oil equivalent per day for the year through October. The Houston company overall produced about 1.57 million barrels of oil equivalent per day in the nine months through September.

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