HOUSTON — Houston-based ConocoPhillips (NYSE: COP) is selling Anadarko Basin assets for $1.3 billion.
ConocoPhillips signed the asset sale agreement in July and expects the transaction to close at the beginning of the fourth quarter of 2025. The buyer has not been disclosed.
With the sale, ConocoPhillips said it has exceeded its planned divestment target of $2 billion and has now raised that target to $5 billion. In February, ConocoPhillips announced it was selling its stakes in the Gulf’s Ursa and Europa fields to subsidiaries of London-based Shell PLC (NYSE: SHEL) for $735 million. In its second-quarter earnings report, the company said it sold those assets during the quarter and received net proceeds of $718 million.
