Lukoil - 2010-09-27

Plans to acquire 42.5 million of its own shares in the form of depository receipts held by ConocoPhillips, Houston, (NYSE: COP) in an option exercise valued at $2.38 billion. Lukoil will acquire the receipts at US$56 each in order to raise shareholder returns. Pro forma, ConocoPhillips will hold 6.15% interest in Lukoil. The deal, along with the previous US$3.44 billion sale of ConocoPhillips shares to Lukoil in July and open market sales, has generated US$6.44 billion to ConocoPhillips in year-to-date pretax proceeds. The company will use the proceeds to buy back stock.