ConocoPhillips announced Thursday a deal to sell two exploration and production subsidiaries in the United Kingdom for $2.68 billion to Chrysaor E&P Ltd., plus interest. The two subsidiaries combined hold ConocoPhillips' E&P assets in the U.K., as well as associated decommissioning liabilities. ConocoPhillips said it will retain its London-based commercial trading business, and its 40.3% interest of the Teesside oil terminal. The company said it will use proceeds from the deal for general corporate purposes. The stock was indicated down less than 0.5% in premarket trade. It has gained 5.5% year to date, while the SPDR Energy Select Sector ETF has rallied 17.7% and the S&P 500 has climbed 15.7%.
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