ConocoPhillips Acquires Additional 10.99 Percent Interest in Teesside Terminal

NORWAY NEWS RELEASE                                                           July 26, 2018 

ConocoPhillips Acquires Additional 10.99 Percent Interest in Teesside Terminal

Stavanger – ConocoPhillips (NYSE: COP) today announced that the existing shareholders have signed an agreement to acquire their pro-rata share of Equinor’s 27.3 percent interest in the Teesside Terminal.  The Teesside Terminal was constructed as part of the original Greater Ekofisk Area development, which consists of offshore fields, the Norpipe oil pipeline and the Teesside Terminal. Over the years, the system has been expanded to include fields located in the southern part of the Norwegian continental shelf, as well as several UK fields, including the ConocoPhillips operated J-Area. The Teesside Terminal is a crude oil reception, processing, storage and transshipment installation.

ConocoPhillips is operator of the Teesside Terminal. Ownership structure following the transaction is:

ConocoPhillips Petroleum Company U.K. Ltd. 40.25 percent
Total Holdings Europe S.A.S        45.22 percent
ENI S.p.A      14.20 percent
Minority shareholder       0.33 percent  

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About ConocoPhillips   ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $69 billion of total assets, and approximately 11,200 employees as of June 30, 2018. Production excluding Libya averaged 1,216 MBOED for the six months ended June 30, 2018, and proved reserves were 5.0 billion BOE as of Dec. 31, 2017. For more information, go to    

Stig S. Kvendseth
Manager,Communication and Government Affairs – Norway
+47 52 02 12 01 +47 959 45 177  

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