ConocoPhillips is considering a sale of some of its Permian Basin assets as it streamlines its portfolio.
The assets are expected to bring in US$2 billion, stakeholders familiar with the matter told Bloomberg News.
The properties are located in the Delaware Basin portion of the Permian, one of the largest and most productive oil field in the US.
The US oil giant is reportedly working with advisers for a buyer, but deliberations are at an early stage and may not lead to a deal.
A representative for ConocoPhillips declined to comment.
ConocoPhilips is looking to trim debt after its 2024 Marathon Oil deal, where it assumed Marathon’s US$5.4 billion debt. It set a US$2 billion divestiture goal within two years to optimise and focus its portfolio.
After it sold its Anadarko Basin assets for US$1.3 billion, it set a new target of US$5 billion in divestitures by the end of 2026.
According to the company, its current focus areas for the Lower 48 include the Delaware and Midland Basins in the Permian Basin, as well as the Eagle Ford and Bakken.
In November 2024, ConocoPhilips acquired Marathon Oil to further enhance its Lower 48 position with low cost of supply, complementary acreage in the Delaware, Eagle Ford and Bakken basins.
