
(Source: ConocoPhillips Co.)
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.

Click here for more data on ConocoPhillips’ operations.
On March 5, the company also said it had completed the sale of its Waddell Ranch property, a conventional asset located in the Permian Basin. Full-year 2019 production associated with the Waddell Ranch asset was 4,000 boe/d.
The buyer and terms of the Waddell Ranch transaction weren’t disclosed.
Crestone Peak Resources LLC is believed to be the buyer of ConocoPhillips’ Colorado asset, according to reports by multiple media outlets.
Formed in 2016 with backing from The Canada Pension Plan Investment Board and The Broe Group, Crestone’s acreage is in the Greater Wattenberg Field of Colorado’s D-J Basin.
The effective date of the Niobrara transaction is June 1, 2019. The Wadell Ranch transaction had an effective date of Nov. 1.
Recommended Reading
Fire Breaks Out at Russian Oil Refinery Near Ukrainian Border
2023-02-08 - The blaze is said to have been caused by a "violation of technological process."
Russia Ramps Up Diesel Supplies to Turkey, Morocco Ahead EU Embargo
2023-01-18 - Russia has already supplied Turkey with approximately 450,000 tones of diesel since the beginning of the year.
Oman LNG Signs Deals with TotalEnergies, Thailand's PTT
2023-01-18 - TotalEnergies and PTT will each receive 800,000 tonnes of LNG from Oman LNG per year beginning in 2025 and 2026 respectively.
Pertamina Still Discussing Plan to Take Over Shell's Abadi LNG Stake
2023-01-17 - Indonesia has been looking for an investor to obtain Shell's 35% stake in the Masela gas project for years.
US Natgas Plunges 7% to One-year Low on Rising Output, Lower Demand
2023-01-11 - "U.S. natural gas demand could be on track to hit record lows in January if unseasonably warm weather sticks around," Rystad Energy's Emily McClain said in a note.