ConocoPhillips (NYSE: COP) is exploring the sale of oil and gas assets in Oklahoma that it inherited from its $22.5 billion acquisition of Marathon Oil (NYSE: MRO) last year, according to sources familiar with the matter.
Key Details of the Potential Sale

Assets for Sale: Operations in the Anadarko Basin, covering approximately 300,000 net acres.

Estimated Value: More than $1 billion.

Production Output: ~39,000 barrels of oil equivalent per day, with about half being natural gas.

Investment Bank Involved: Moelis & Co (NYSE: MC) is leading the sale process.

The sale process is still in its early stages, and a deal is not guaranteed. Potential buyers may include producers looking to capitalize on rising natural gas demand, particularly from power generation for data centers.
Strategic Focus for ConocoPhillips
The potential divestiture aligns with ConocoPhillips’ broader goal of raising $2 billion by offloading non-core assets. The company has already sold over $1 billion worth of assets since finalizing the Marathon acquisition in November 2024.
By selling its Anadarko assets, ConocoPhillips aims to focus more on its core holdings in the Permian, Eagle Ford, and Bakken basins, which were bolstered by the Marathon deal.
For more financial details on ConocoPhillips and its asset sales, users can access the latest company filings via the SEC Filings API.