Chrysaor to Acquire ConocoPhillips’ UK Oil and Gas Business for $2.675 Billion
Chrysaor Holdings Limited (“Chrysaor” or “the Company”) is to acquire ConocoPhillips’ UK oil and gas business (“ConocoPhillips UK”) for $2.675 billion. The assets being acquired produced approximately 72,000 barrels of oil equivalent per day (boepd) in 2018. This acquisition increases Chrysaor’s pro forma 2018 production to 177,000 boepd, making Chrysaor one of the largest oil and gas producers in the UK North Sea. The transaction has an effective date of 1 January 2018 and is expected to complete in late 2019, subject to regulatory approval and other specific conditions precedent. ConocoPhillips will retain its London‐based commercial trading business and its interest in and operatorship of the Teesside oil terminal.