From article on COP.
In August, ConocoPhillips announced it was going to try and sell the SNE find off the coast of Senegal for $430 million to Woodside Petroleum Ltd (OTCPK:WOPEY). However, that deal hit some snags as Conoco's partner, FAR Limited (OTCPK:FARYY), tries to buy itself time to raise cash to purchase that stake instead of letting Woodside Petroleum do so.
Cash raised from those sales combined with its outspend problem dissipating will help bring down ConocoPhillips' $28.7 billion gross debt load at the end of Q2. Conoco wants to cut its gross debt load down below $25 billion before doing anything else in the event of a sustained upswing in energy prices.
http://seekingalpha.com/article/4013444-conocophillips-q3-2016-earnings-preview#alt1
SC
Kosmos etc, page-43
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