Credit Suisse acted as the financial advisor to ConocoPhillips while Osler, Hoskin and Harcourt acted as the company’s legal counsel for this transaction.
Jim Mulva, chairman and CEO of ConocoPhillips, said: “Completion of this transaction is an important step in our $10bn divestiture program.
“The sale of the Syncrude interest, an oil sands mining operation north of Fort McMurray, Alberta, Canada, is just one part of ConocoPhillips’ plan to create value for shareholders through a continued focus on disciplined capital investment, a strengthened financial position, improved returns on capital, and growth in shareholder distributions while growing production and reserves per share.”
Headquartered in Houston, ConocoPhillips is an integrated energy company and it had approximately 29,900 employees, $155bn of assets and $179bn of annualized revenues as of March 31, 2010.
