April 13, 2017 / 11:46 AM / 5 months ago

ConocoPhillips sells San Juan basin assets for $3 bln

April 13 (Reuters) - ConocoPhillips said on Thursday it would sell natural gas-heavy assets in San Juan basin, spanning New Mexico and Southwestern Colorado, to an affiliate of privately held Hilcorp Energy Co for about $3 billion.

Conoco will receive $2.7 billion in cash.

The deal also includes a contingent payment of up to $300 million.

Hilcorp has a partnership with private equity firm Carlyle Group LP to acquire and develop North American oil and gas properties. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila)

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