ConocoPhillips Wraps up $3 billion Sale of San Juan Basin Holdings

ConocoPhillips says it’s wrapped up its sale of its San Juan Basin assets in New Mexico with Hilcorp Energy Company. The firms had previously announced the $3 billion sale.

The sales price includes $2.7 billion in cash and contingent payments of up to $300 million. The contingent payments portion is effective from Jan. 1, 2018 and has a term of six years.

“Completion of the sale of our San Juan Basin assets is a key milestone in the continuing high-grading of our portfolio,” said Ryan Lance, chairman and CEO at ConocoPhillips.

As of June 30, 2017, the net book value of the company’s San Juan Basin assets was nearly $2.5 billion.