LINN Energy, Inc. announces that it has signed a definitive agreement to sell its interest in conventional properties located in west Texas to an undisclosed buyer for a contract price of $119.5 million, subject to closing adjustments.
The contract was awarded by Duqm Refinery and Petrochemical Industries Company L.L.C, a Joint Venture between the Oman Oil Company (OOC), the national oil company, and Kuwait Petroleum International (KPI).
The spin-off transaction is on track for completion in May of 2018, subject to the satisfaction or waiver of certain customary conditions.
Lee Hulllman will serve as vice president of business development assisting in the company’s overall strategic planning and initiatives.