ConocoPhillips Ponders Sale of Oklahoma Oil and Gas Assets

SEATTLE (Oil Monster): According to reports, ConocoPhillips, a Houston-based company, intends to sell its oil and gas properties in Oklahoma, USA, which are worth over $1 million. ConocoPhillips acquired these properties in November of last year when it acquired Marathon Oil for more than $22.5 million.

The corporation has hired a firm to oversee the sale process, according to media sources. However, according to reports, the negotiations are still in their very early stages and the agreement has not yet been finalized.

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The Anadarko basin operations, which span over 300,000 net acres, are among the assets included in the selling transaction. An estimated 39,000 barrels of oil equivalent per day (boepd) might be produced by these assets, with natural gas accounting for half of that total. Given the growing need for natural gas both domestically and internationally, the sale is probably going to increase buyer interest.

Concerning the possible sale of its assets, ConocoPhillips has refrained from commenting. Nevertheless, if a deal is reached, it will enable the business sell its non-core assets and reach its $2 billion fundraising target. Since completing the acquisition of Marathon Oil, the business has already sold assets valued at over $1 billion.

ConocPhillips and Shell Offshore and Shell Pipeline Company agreed to sell a 15.96% working interest in the Gulf of Mexico properties earlier in February of this year.