The third-largest integrated oil and gas company in the U.S. has said it will sell its 20 percent stake in Lukoil as part of a previous plan to divest its ownership in the Russian energy giant. The first stage of the agreement calls for Lukoil to pay $3.4 billion to Houston-based ConocoPhillips to buy back 7.6 percent of its shares.

ConocoPhillips announced the agreement with the release of its second-quarter earnings report, which saw the company’s profits surge. A company spokeswoman tells The Am Law Daily that ConocoPhillips was advised by Wachtell, Lipton, Rosen & Katz on the sale of its Lukoil stake. An SEC filing on Wednesday reveals that corporate partner Andrew Brownstein the firm’s team on the deal.

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