Global Processing

ConocoPhillips Confirms $2 Billion Lukoil Option Deal

September 27, 2010
ConocoPhillips said it received notice from Lukoil that the Russian oil company will exercise its option to buy back 42.5 million shares owned by the U.S. oil company, according to MarketWatch. ConocoPhillips said pretax proceeds of the transaction will total $2.38 billion, with an expected closing on Sept. 29. ConocoPhillips said the latest transaction brings the total proceeds of the sales of is Lukoil stake to $6.44 billion. The proceeds will be used to buy back ConocoPhillips stock, the company said. ConocoPhillips said it will still own 6.2-percent in Lukoil after the latest transaction.