ConocoPhillips is exploring a sale of some of its Permian Basin assets as part of a broader streamlining of its portfolio, according to people familiar with the matter.
The assets, picked up over the years through deals with Concho Resources Inc. and Shell Plc, are expected to fetch about $2 billion, the people said, asking not to be identified because the discussions are private.
The properties lie in what’s known as the Delaware Basin, a fast-growing swath of the largest and most productive oil field in the US — the Permian Basin in West Texas and New Mexico.
ConocoPhillips is working with advisers to seek a buyer, with interest expected from strategic as well as private equity suitors, the people said. Deliberations are at an early stage and the Houston-based company may decide not to sell, they added. A representative for ConocoPhillips declined to comment.
With oil and gas businesses stretching from Alaska to Australia, ConocoPhillips is trimming its portfolio after initially identifying about $2 billion in asset sales as a result of its $17 billion deal for Marathon Oil Corp. in 2024. The company announced in August that it was doubling the divestiture target to $5 billion.
Operators in the US shale patch have been looking to sell smaller assets to help pay down debt following a consolidation wave of more than $450 billion since the start of 2023.
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