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U.S. independent ConocoPhillips (COP - Analyst Report) has agreed to sell off its wholly owned subsidiary, Trinidad and Tobago Holdings LLC to the National Gas Company of Trinidad and Tobago Limited (NGC). The divestiture will fetch Conoco a total consideration of $600 million plus customary adjustments.

Trinidad and Tobago Holdings LLC has a 39% stake in Phoenix Park Gas Processors Limited (PPGPL), which operates a gas processing and natural gas liquids fractionation facility situated at Point Lisas, Trinidad. An after-tax gain of about $290 million is expected to be recognized by ConocoPhillips.

The latest sale of non-core, midstream assets will strengthen and streamline the ConocoPhillips portfolio as well as enhance the strategic interests of both NGC and ConocoPhillips.

As part of its 2012-13 asset disposition program, ConocoPhillips has announced estimated proceeds of about $14.1 billion from the sale of nonstrategic assets, including this transaction.

As of Jun 30, 2013, the company received $3.8 billion in proceeds from concluded sales, while the balance is expected by end of 2013. These proceeds will be used for general corporate purposes and facilitate the company to proceed with existing growth programs.

ConocoPhillips is a major global exploration and production (E&P) company with operations and activities in 30 countries that include the U.S., Canada, UK/Norway, China, Australia, offshore Timor-Leste, Indonesia, Libya, Nigeria, Algeria, Russia and Qatar.

ConocoPhillips carries a Zacks Rank #3 (Hold). However, there are other stocks in the oil and gas sector – Range Resources Corp. (RRC - Analyst Report), Susser Petroleum Partners LP (SUSP - Snapshot Report) and Dril-Quip, Inc. (DRQ - Analyst Report)  – which hold a Zacks Rank #1 (Strong Buy) and are good investment options.

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