ConocoPhillips (COP) Enters Agreements to Divest $2B in U.S. Pipeline Company Interests
Tweet
Share
E-mailGet Alerts COP Hot Sheet
Join SI Premium – FREE
ConocoPhillips (NYSE: COP) announced today that as part of its ongoing strategy to create shareholder value it has entered into agreements to sell its interests in two U.S. pipeline companies for a total of $2 billion.
ConocoPhillips has entered into definitive agreements with a subsidiary of Caisse de dépôt et placement du Québec (“CDPQ”) to sell its 16.55 percent interest in Colonial Pipeline Company and Colonial Ventures LLC. The transaction is anticipated to close in the first quarter of 2012 following the completion of contractual Rights of First Refusal review by the existing shareholders in Colonial.
In addition, ConocoPhillips has entered into definitive agreements with Enbridge Holdings (Seaway) L.L.C., a subsidiary of Enbridge (U.S.) Inc., to sell its ownership interest in the Seaway Crude Pipeline Company (SCPC). The transaction is anticipated to close in December, subject to satisfaction of customary conditions precedent and completion of certain arrangements regarding other logistics services currently provided by SCPC to ConocoPhillips.
ConocoPhillips has entered into definitive agreements with a subsidiary of Caisse de dépôt et placement du Québec (“CDPQ”) to sell its 16.55 percent interest in Colonial Pipeline Company and Colonial Ventures LLC. The transaction is anticipated to close in the first quarter of 2012 following the completion of contractual Rights of First Refusal review by the existing shareholders in Colonial.
In addition, ConocoPhillips has entered into definitive agreements with Enbridge Holdings (Seaway) L.L.C., a subsidiary of Enbridge (U.S.) Inc., to sell its ownership interest in the Seaway Crude Pipeline Company (SCPC). The transaction is anticipated to close in December, subject to satisfaction of customary conditions precedent and completion of certain arrangements regarding other logistics services currently provided by SCPC to ConocoPhillips.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ConocoPhillips (COP) PT Raised to $151 at Morgan Stanley
- Boeing names Ryan Shedd as new SVP and controller
- enVVeno Medical (NVNO) files $100M mixed shelf
Create E-mail Alert Related Categories
Corporate News, Mergers and AcquisitionsRelated Entities
Crude OilSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
