After selling natural gas assets in the Anadarko Basin for $1.3 billion in August, ConocoPhillips prepares a release of its third quarter financial results. The early impact of the company’s effort to reduce debt could be seen as the company makes its release.
The company will make the release before the opening of markets on Thursday, November 6. Executive leadership plans a conference call to discuss the results at 11 a.m. central time from the Houston headquarters of the company.
The company expects to close its $1.3 billion sale of Oklahoma assets to Flywheel Energy by the end of the fourth quarter. Backed by Stone Ridge Energy, the asset package covers nearly 300,000 net acres, generating current production of 54,000 boe/d from actively producing wells.
The production was described as primarily natural gas with an average gas oil ratio around 20 mcf/stb. Stone Ridge uses Digital Falre Mitigation technology which captures gas that would be flared or vented and uses it to power portable data centers to mine bitcoin. So the acquisition was seen as a complement for Stone Ridge.
The sale of the assets was seen as aligning with ConocoPhillips goal of reducing debt and focusing on higher-margin basins. At the time of the announcement, the sale was seen as a way to help the company.
ConocoPhillips had second quarter earnings per share of $1.56 and adjusted earnings per share of $1.42. It also had cash from operations of $4.7 billion.