Contango Oil & Gas to Acquire ConocoPhillips Wyoming Assets

The acquisition follows Contango Oil & Gas’ merger agreement with Independence Energy LLC, built and managed by KKR’s Energy Real Assets team, announced last month.

Emily

Patsy

Hart Energy

Thu, 07/08/2021 - 09:05 AM

Contango Oil & Gas Co. agreed on July 8 to acquire ConocoPhillips Co.’s Wind River Basin asset in Wyoming in a $67 million cash deal.

For ConocoPhillips, the transaction fits into its plan to divest up to $10 billion of noncore assets over the next two years following its multibillion-dollar purchase of Concho Resources. Meanwhile, the deal for Contango follows a merger agreement last month with Independence Energy LLC, built and managed by KKR’s Energy Real Assets team, to become KKR’s primary platform for pursuing upstream oil and gas opportunities.

“Our previously announced merger with Independence was designed to accelerate our acquisition pace rather than slow it down, and this transaction is a perfect example of that,” commented Contango CEO Wilkie S. Colyer in a July 8 company release.