ConocoPhillips Continues Paring Assets with Potential Midcontinent Divestiture

ConocoPhillips is offering about 261,000 net acres in the Anadarko Basin and 17,700 acres of nonoperated assets in the SCOOP and STACK shale plays.

ConocoPhillips Continues Paring Assets with Potential Midcontinent Divestiture

The Anadarko Basin assets operated by ConocoPhillips could fetch the company around $200 million, while the nonoperated assets in the SCOOP and STACK shale plays are likely to be valued at about $100 million, sources told Reuters.  (Source: Hart Energy)

Looking to capitalize on higher commodity prices, ConocoPhillips Co. is marketing nearly 280,000 net acres, including leasehold in the western Anadarko Basin and nonoperated assets in the STACK and SCOOP plays.

Marketing materials from Wells Fargo dated Spring 2022 show the assets’ EBITDA, annualized by first-quarter 2021 results, is about $97.5 million.

ConocoPhillips previously announced an asset disposition target of up to $5 billion by 2023 while it works to whittle away its debt by 2026 to about $15 billion, including $800 million that matures this year. The company closed in February the sale of Indonesia assets for $1.65 billion and roughly $700 million in the Lower 48 since last year.

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Darren Barbee

Darren Barbee is senior editor for Oil and Gas Investor magazine.