Energy giants Houston-based ConocoPhillips (NYSE: COP) and London-based BP PLC (NYSE: BP), which has its U.S. headquarters in Houston, are trading stakes in some assets in two deals announced July 3.
Financial terms were not disclosed for either deal, which are conditional upon each other, according to a press release. The deals are expected to close simultaneously once they receive regulatory approval.
In one deal, BP will buy a ConocoPhillips subsidiary, which will hold a 16.5 percent interest…
Houston Biz Journal
ConocoPhillips, BP make deals to swap stakes in U.K., Alaska assets