ConocoPhillips closes nearly $1.4B asset deal

Houston-based ConocoPhillips (NYSE: COP) has completed the sale of its Australia-West assets and operations to Australia-based oil and gas producer Santos.

The $1.39 billion purchase price didn’t change, but the payments were restructured, according to a press release. As such, $200 million is due to ConocoPhillips when a final investment decision is made on the proposed Barossa development project.

After customary closing adjustments, ConocoPhillips has received net cash proceeds of $765 million,…