ConocoPhillips is reportedly considering the sale of certain assets in the Permian Basin, US, valued at approximately $2bn.
The company, based in Houston, Texas, has engaged advisers to assist in the process and is seeking strategic investors and private equity firms as potential buyers, according to a Bloomberg News report citing anonymous sources.
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Discussions regarding the potential sale are described as being in the early stages and there is no guarantee that a transaction will proceed.
The assets under review are located in the Delaware Basin, part of the larger Permian Basin that spans West Texas and New Mexico. ConocoPhillips acquired these properties through previous deals with Concho Resources and Shell.
In January 2021, ConocoPhillips completed its acquisition of Concho Resources, which included acreage across both the Delaware and Midland basins.
Later that year, in December, ConocoPhillips purchased Shell Enterprises’ Delaware Basin operations for $9.5bn (£7.02bn), gaining roughly 225,000 net acres in Texas as well as more than 600 miles of operated pipelines and related infrastructure.
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By GlobalDataThe possible divestment comes as ConocoPhillips undertakes broader efforts to streamline its portfolio following its $17bn acquisition of Marathon Oil in 2024.
Following this transaction, the company initially identified around $2bn in asset sales but increased that target to $5bn in August.
Earlier this month, ConocoPhillips published its financial results for the fourth quarter (Q4) and full year of 2025 (FY25). The company posted Q4 earnings of $1.4bn, or $1.17 per share, down from $2.3bn, or $1.9 per share, during the same period last year.
Excluding special items, which include primarily gains on asset sales and restructuring costs, adjusted Q4 earnings totalled $1.3bn, or $1.02 per share, compared with $2.4bn, or $1.98 per share, a year earlier.
In the Q4 earnings release, ConocoPhillips stated it had closed $3.2bn in asset sales during 2025 and remains on course to meet its $5bn divestiture goal by the end of 2026.
For FY25, reported earnings were $8bn, or $6.35 per share, compared with $9.2bn, or $7.81 per share, for 2024. Adjusted earnings for 2025 reached $7.7bn, or $6.16 per share, compared to adjusted earnings of $9.2bn, or $7.79 per share, for the preceding year.
Production totals for 2025 included 2.38 million barrels of oil equivalent per day globally and 1.44 million barrels per day in the Lower 48 in the US. The integration of Marathon Oil was completed during the year, with synergy capture now exceeding an annual run rate of $1bn.
The company also reported progress on new projects including developments in Alaska and participation in liquefied natural gas ventures in Qatar and on the US Gulf Coast.
