ConocoPhillips is in advanced talks to sell oil and gas assets in Oklahoma to privately owned Stone Ridge Energy for approximately $1.3 billion. These assets were inherited from ConocoPhillips' $22.5 billion takeover of Marathon Oil last year.
This potential divestiture represents a significant step in ConocoPhillips' ongoing strategy to high-grade its portfolio. The sale of non-core assets allows the company to focus capital on its most competitive and strategic resources.
The transaction, if completed, would contribute substantially to ConocoPhillips' disposition targets and provide additional capital for reinvestment or shareholder returns. The assets are expected to attract interest from producers anticipating increased demand for natural gas.
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