ConocoPhillips confirmed Thursday its sale of more than $1 billion in oil and gas assets it held in Oklahoma.
The company’s confirmation came in its announcement of second quarter financial results in which it stated, “Signed an agreement to sell Anadarko Basin assets for $1.3 billion, expected to close at the beginning of the fourth quarter, exceeding $2 billion disposition target ahead of schedule.”
A similar announcementwas made by the Dallas law firm of Haynes Boone which represented ConocoPhillips in the definitive agreement to sell its upstream oil and gas assets in Oklahoma’s Anadarko Basin to Flywheel Energy.
As part of the deal, ConocoPhillips will sell 300,000 net acres in the Anadarko shale formation, which produce about 39,000 barrels of oil equivalent per day.
Flywheel Energy LLC is an Oklahoma City-based onshore producer backed by Stone Ridge Energy, the industry-focused platform of Stone Ridge Holdings Group, a financial services firm focused on alternative asset management, reinsurance and bitcoin.
The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals and closing conditions.
Haynes Boone Energy Partner Austin Elam, Counsel John Craven and Associate Camie Carlock McKee led the deal team along with Partner D.J. Beaty, Associates Bradley Potts, Khalil Bryant and Hayley Hervieux. Tax Counsel Danielle Marr provided additional subject-matter support.
Haynes Boone’s market-leading Energy Practice Group has a strong presence across key global energy hubs, including London, Mexico City and the United States. The group advises clients across the full oil and gas value chain, from upstream exploration and production to midstream and downstream operations, as well as in energy transition sectors such as carbon capture, wind, solar and battery storage.
