ConocoPhillips' 2012 net production from these fields averaged 11 thousand barrels of oil equivalent per day through October, and at Oct. 31, 2012, the net carrying value of ConocoPhillips' Algerian assets was approximately $850 million. The transaction is anticipated to close by mid-2013. Through Sept. 30, 2012, the company's 2012-13 asset disposition program has yielded proceeds of $2.1 billion. Including this transaction, the company has announced additional asset sales that are expected to generate proceeds of approximately $7 billion when complete. Funds generated from these transactions are intended to be used for general corporate purposes. The proposed sale of its Algerian business unit is part of ConocoPhillips' plan to increase value for shareholders through portfolio optimization, focused capital investments that deliver growth in production and cash margins, improved returns on capital, and sector-leading shareholder distributions.