ConocoPhillips is exploring the sale of its oil and gas assets in Oklahoma, which are valued at more than US$1 billion.

The potential sale comes after ConocoPhillips’s US$22.5 billion acquisition of Marathon Oil in November 2024.

The assets include operations in the Anadarko basin, covering approximately 300,000 net acres and producing around 39,000 barrels of oil equivalent per day (boepd), with roughly half being natural gas.

ConocoPhillips has enlisted Moelis & Co to manage the sale process.

The sale is expected to attract interest from producers anticipating increased demand for natural gas, particularly for power generation in data centres.

ConocoPhillips and Moelis have declined to comment.

A successful transaction would contribute to ConocoPhillips’ goal of raising US$2 billion by divesting non-core assets.

The company assumed around US$5.4 billion of Marathon’s debt during the acquisition and has already sold assets worth more than $1 billion since completing the Marathon deal.

The Marathon acquisition has expanded ConocoPhillips’ presence in key US basins including the Permian, Eagle Ford and Bakken, as well as the Anadarko shale formation and Equatorial Guinea.

In February, ConocoPhillips agreed to sell a 15.96 per cent working interest in the Ursa platform, pipeline and associated fields in the Gulf of Mexico to Shell Offshore and Shell Pipeline Company for US$735 million.