Houston-based ConocoPhillips said last week it agreed to sell $600 million in noncore assets in lower 48 in its efforts to shed debt after a $22.5 billion acquisition of Marathon Oil. Ryan Lance, CEO, said the company is making progress on its pre-acquisition goal of $2 billion in asset sales. “We’re on track to dispose of about $2 billion of noncore assets, which gives us a lot of flexibility as we go into 2025,” Lance said.
Andy O’Brien, senior vice president, said Feb. 6 the divestitures involved “noncore Permian assets… The assets are essentially noncore southern Delaware so that gives you sort of the typical mix of what they are.”
The buyer or buyers were not disclosed. Closing is expected in the first half of 2025.