ConocoPhillips Considers Selling Prime Oklahoma Assets | OilPrice.com
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Breaking News:
ConocoPhillips is considering the sale of oil and gas assets in Oklahoma, which it acquired through its $22.5-billion purchase of Marathon Oil last year, Reuters reported exclusively on Wednesday, citing unnamed sources familiar with the matter.
The company has enlisted investment bank Moelis & Co. to facilitate the sale of these assets, according to Reuters’ unconfirmed report, noting that the process is still in its early stages, and a deal has yet to be finalized.
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The sale could potentially involve assets in the Anadarko Basin, part of the company’s inherited holdings. These assets, covering around 300,000 net acres, currently produce about 39,000 barrels of oil equivalent per day, with half of the production coming from natural gas.
This move is part of ConocoPhillips’ broader strategy to streamline its portfolio after acquiring Marathon Oil and assuming approximately $5.4 billion in debt. ConocoPhillips is seeking to divest $2 billion worth of non-core assets, with a particular focus on holdings in Oklahoma. The decision to sell these assets may appeal to buyers looking to capitalize on the increasing demand for natural gas, particularly in industries like energy-hundry data centers.
Since acquiring Marathon Oil, ConocoPhillips has already sold over $1 billion in assets, with plans to refocus on core areas, such as the Permian Basin and Bakken.
Neither ConocoPhillips nor Moelis & Co. has provided any official comment on the matter.
In February, ConocoPhillips said it would seek to boost returns to shareholders by nearly $1 billion this year as it booked better-than-expected earnings for the fourth quarter of 2024. The company’s Q4 adjusted earnings reported in February were at $2.4 billion, or $1.98 per share, down from adjusted earnings of $2.9 billion, or $2.40 per share, for the same period a year earlier.
By Charles Kennedy for Oilprice.com
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