US energy company ConocoPhillips said Wednesday that it had exited a joint venture with Russian firm Lukoil as it restructures to focus on its core businesses.
ConocoPhillips said it had sold its indirect 30 percent interest in NaryanMarNefteGaz (NMNG) and certain related assets to the privately held Lukoil, "as part of its ongoing strategy to reposition its asset base."
The Houston, Texas-based company did not disclose the terms of the sale, but said it expected to book an after-tax financial gain of approximately $400 million.
"The sale of this non-core quality asset is an important component of our divestiture program for 2012," said Don Wallette, executive vice president, Commercial, Business Development, and Corporate Planning, in a statement.
"We are pleased that Lukoil, the co-owner of NMNG, recognizes the value of this asset."
As part of a larger strategic alliance, ConocoPhillips entered into an agreement with Lukoil in 2004 to create the NMNG joint venture to develop oil and natural gas resources in the northern part of Russia's Timan-Pechora Province.