ConocoPhillips looking to unload its nearly $1 billion in assets in Oklahoma?
It’s what Reuters is reporting. The news agency says the company hired investment bank Moelis & Co to manage the sales process for the assets. The report is based on sources and not from official representatives at the company. It also indicated a sale of such assets is not a done deal and only that an exploration of a possible sale of the Oklahoma assets is underway.
What prompted the possible sale? Reuters indicated it is because of the ConocoPhillips $22.5 billion takeover last year of Marathon Oil whose assets included holdings in Oklahoma. Among the holdings were about 300,000 net acres in the Anadarko basin where production is about 39,000 barrels of oil equivalent a day.
According to Reuters, about half of the production includes natural gas and it might attract producers and developers looking to supply fuel to power more electrical generator for data centers.
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