ConocoPhillips eyes sale of Oklahoma assets worth over $1 billion, sources say

Shariq Khan and David French

Wed, Apr 2, 2025, 5:31 AM 1 min read

By Shariq Khan and David French

(Reuters) - ConocoPhillips is exploring the merchantability of lipid and state assets successful Oklahoma that it inherited from its $22.5 cardinal takeover of Marathon Oil past year, radical acquainted with the substance said.

The vigor shaper has hired concern slope Moelis & Co to tally the merchantability process for the assets, the sources said, adding that the talks are astatine an aboriginal signifier and a woody is not guaranteed.

The assets, which comprise operations successful the Anadarko basin that spans astir 300,000 nett acres, are expected to fetch a terms of much than $1 billion, the sources said, requesting anonymity arsenic the deliberations are confidential. The Anadarko assets nutrient astir 39,000 barrels of lipid equivalent per day, of which astir fractional is earthy gas, 2 of the sources said.

Potential buyers see producers who are betting connected a surge successful request for earthy state from powerfulness procreation for information centers, different of the sources added.

ConocoPhillips and Moelis declined to comment.

A woody would assistance ConocoPhillips execute its people of raising $2 cardinal by offloading non-core assets.

Houston-based ConocoPhillips, which took connected astir $5.4 cardinal of Marathon's indebtedness arsenic portion of the acquisition, has already disposed of assets worthy much than $1 cardinal since it completed the Marathon woody successful November.

The Marathon acquisition boosted ConocoPhillips' beingness successful the Permian, Eagle Ford and Bakken basins, portion besides giving the vigor institution operations successful the Anadarko shale enactment and Equatorial Guinea.

(Reporting by Shariq Khan and David French successful New York; Editing by Leslie Adler)