(WO) — ConocoPhillips has signed an agreement to sell its assets in the Anadarko Basin for $1.3 billion, a move that pushes the company past its $2 billion divestiture goal ahead of schedule and reinforces its strategy to optimize its Lower 48 portfolio.
The transaction is expected to close in early Q4 2025, subject to customary closing adjustments. With this sale, ConocoPhillips has now raised more than $2 billion in proceeds from asset sales and increased its total disposition target to $5 billion by year-end 2026.
“In the second quarter, we delivered strong results financially, operationally and strategically,” said Ryan Lance, chairman and CEO. “We completed the integration of Marathon Oil and remain on track to deliver greater than $1 billion in synergies and more than $1 billion of one-time benefits.”
The Anadarko deal was announced alongside second-quarter earnings, where ConocoPhillips reported $2.0 billion in net income, or $1.56 per share, and adjusted earnings of $1.8 billion, or $1.42 per share. Production for the quarter averaged 2.391 million barrels of oil equivalent per day (boe/d), up 446 MMboe/d from the same period last year, including 1.508 MMboe/d from the Lower 48.
Despite stronger output, earnings fell from the year-ago period due to lower commodity prices and higher costs. The company’s average realized price was $45.77 per BOE, down 19% from Q2 2024.
Other highlights from the quarter include:
Completion of the Marathon Oil integration, with over $1 billion in run-rate synergies expected by year-end.
$0.7 billion in proceeds from the sale of Ursa and associated Gulf of Mexico assets.
$2.2 billion returned to shareholders through $1.2 billion in share repurchases and $1.0 billion in dividends.
Progress on its global LNG strategy, including agreements in France and Asia with expected startup in 2028.
Looking ahead, ConocoPhillips expects Q3 production between 2.33 and 2.37 MMboe/d and maintained its full-year guidance of 2.35 to 2.37 MMboe/d, even after accounting for announced and closed divestitures.
The company declared a Q3 dividend of $0.78 per share, payable Sept. 2 to shareholders of record as of Aug. 18.
