ConocoPhillips (NYSE:COP) has shed one of its assets in the Caribbean. The company announced it has closed the sale of Trinidad and Tobago Holdings, its 100%-owned subsidiary, headquartered in the small nation. The buyer is National Gas Company of Trinidad and Tobago, and the price is $600 million "plus customary adjustments."
The sale is part of an initiative aimed at streamlining the sprawling energy firm's operations. In the press release heralding the news, the company quoted its Executive Vice President, Commercial, Business Development and Corporate Planning Don Wallette as saying that it "represents further progress in strengthening and focusing the ConocoPhillips portfolio, and advances the strategic interests of both NGC and ConocoPhillips."
The firm added that it expects to realize an after-tax gain of roughly $290 million on the deal.