ConocoPhillips Co. closed on a multimillion-dollar sale of Niobrara assets located in the southern Denver-Julesburg (D-J) Basin, marking its exit from Colorado where operators have faced regulatory uncertainty in recent years.

The Houston-based company held about 98,000 net acres in the Niobrara, located in northeastern Colorado, according to recent filings. Production from the divested assets was about 11,000 barrels of oil equivalent per day (boe/d) in 2019.

ConocoPhillips said an undisclosed company purchased the Niobrara asset for $380 million, plus customary adjustments, and overriding royalty interests in certain future wells.

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