The sale will include the Houston energy company's three wholly owned subsidiaries operating in Vietnam. It is expected to close in the first half of 2012. The subsidiaries owned minority shares of three pipelines and wells off the coast of Vietnam.
The sale is part ConocoPhillips' plan to revamp operations by divesting $15 billion to $20 billion in assets from 2010 through 2012. The goal is to become a smaller company that will be easier to grow.
Shares of ConocoPhillips fell 39 cents to $72.40 in early trading.
