A PYMNTS Company

ConocoPhillips Looks To Sell Texas Gas-Producing Assets

By  |  March 24, 2022

US shale oil producer ConocoPhillips is working with an adviser to sell its gas-producing assets in the Anadarko Basin of North Texas and Western Oklahoma, according to two sources and documents seen by Reuters.

The planned sale, which includes both operated and non-operated leaseholds and royalty interests in the STACK and SCOOP formations of Oklahoma, comes as ConocoPhillips tries to raise cash by offloading non-core land after a buying spree made it the top producer by volume in the top US oilfield.

The Anadarko assets operated by ConocoPhillips could fetch the company around $200 million, while the non-operated assets are likely to be valued at about $100 million, according to the sources.

Over the past 18 months, ConocoPhillips has spent about $23 billion buying properties in the Permian basin. Before spending $9.5 billion to acquire Shell’s acreage in Texas, ConocoPhillips took over rival Concho Resources for more than $13 billion.

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.