Jim Ratcliffe eyes ConocoPhillips
On November 19, ConocoPhillips (COP) confirmed to CNBC that it has been engaged in talks with Jim Ratcliffe, the United Kingdom’s wealthiest man and Ineos’ CEO, about selling its assets in the United Kingdom. The deal could fetch ~$3 billion for ConocoPhillips.
A report from the BBC suggests that Ineos is eyeing ConocoPhillips’ 6.5% stake in Clair Field apart from its other assets. On July 3, ConocoPhillips sold its 16.5% stake in the oilfield to BP (BP). Earlier, ConocoPhillips had a 24% stake in the Clair Field.
The United Kingdom accounts for 5.9% of ConocoPhillips’ total production worldwide. Clair Field, along with the Galleon and Nicol Field, yields 6.6% of ConocoPhillips’ total production in the United Kingdom.
ConocoPhillips’ price performance
On November 19, ConocoPhillips shares gained 0.5%. Occidental Petroleum (OXY), Apache (APA), Devon Energy (DVN), and EOG Resources (EOG) witnessed a change of -0.03%, -2.4%, 0.2%, and 0.5%, respectively, in the last trading session. On November 19, the S&P 500 Index (SPY) fell 1.7%. ConocoPhillips is the S&P 500 Index’s third-largest energy sector holding.
Read Will ConocoPhillips Continue to Deliver amid Oil’s Turbulence? to learn more.
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