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ConocoPhillips Completes Purchase

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ConocoPhillips has announced that through its Australian subsidiary, it has completed the purchase of an additional 10 percent shareholding interest in Australia Pacific LNG from Origin Energy for $1.645 billion.

After customary closing adjustments, cash paid for the additional interest is approximately $1.4 billion. The transaction resulted from the exercise of ConocoPhillips’ preemption right and is funded from cash on the company’s balance sheet.

The ConocoPhillips subsidiary now owns a 47.5 percent interest in APLNG, with Origin Energy and Sinopec owning 27.5 percent and 25 percent interests, respectively. Based on the new 47.5 percent ownership interest and a full-year average Brent price of $78 per barrel, ConocoPhillips would expect approximately $1.8 billion of distributions from APLNG in 2022, with roughly $0.5 billion expected in the first quarter.

“We are pleased to acquire this additional stake in APLNG, which throughout its six years of operations has served as a reliable and efficient supplier of natural gas to the growing Asia Pacific market, and to Australia’s East Coast gas market,” said Ryan Lance, ConocoPhillips chairman and chief executive officer.

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