Getting closer: ConocoPhillips is one step closer to buying Burlington
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Burlington buy steams ahead
ConocoPhillips has said that the waiting period under a US antitrust act for its proposed acquisition of Burlington Resources has expired.
The expiration of the waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act means that completion of the transaction is now subject to approval by Burlington’s shareholders and other customary closing conditions.
This is expected to occur in the first-half of this year.
The buy will net ConocoPhillips 2 billion barrels of oil equivalent in reserves and estimated production of about 475,000 barrels of oil equivalent per day.