ConocoPhillips will sell Trinidad and Tobago unit

ConocoPhillips says it will sell Trinidad and Tobago Holdings unit for about $600M

Associated Press

HOUSTON (AP) -- ConocoPhillips has sold its Trinidad and Tobago assets for about $600 million.

Trinidad and Tobago Holdings LLC owns a 39 percent stake in a gas processing and natural gas liquids fractionation facility in Point Lisas, Trinidad. ConocoPhillips said it expects an after-tax gain of $290 million on the sale.

ConocoPhillips plans to dispose of its interests in businesses in Algeria and Nigeria and the Kashagan oilfield in the Caspian sea before the end of 2013. It expects a total of $10.5 billion in annual proceeds from selling assets this year.

ConocoPhillips spun off Phillips 66, its downstream business, during the second quarter of 2012.

Shares of ConocoPhillips lost 24 cents to $67.38 Friday and were unchanged in aftermarket trading.

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