Stone Ridge Holdings Group, through its energy platform Stone Ridge Energy (SRE), has finalised a deal to acquire a substantial portfolio of energy assets in Oklahoma from ConocoPhillips for approximately $1.3bn.
ConocoPhillips had been advancing negotiations regarding the sale of the assets in the Anadarko basin.
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The assets were initially part of ConocoPhillips’ extensive $22.5bn acquisition of Marathon Oil.
Scheduled to conclude at the start of the fourth quarter, the asset sale enables ConocoPhillips to exceed its target of raising $2bn ahead of schedule.
The company has increased its asset-sale target to $5bn by 2026, aiming to realise $1bn.
This latest acquisition by SRE is its second major investment this year, following a previous acquisition of more than $1bn in energy assets in Colorado.
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By GlobalDataStone Ridge founder and CEO Ross Stevens said: “Powered by a uniquely non-fiat focused energy platform, SRE’s investing and operational advantages are accelerating, transforming the energy landscape.
“This acquisition marks a key milestone in our commitment to safeguard sound money while utilising innovative solutions to efficiently help meet soaring global energy demand.”
Since its inception in 2021, Stone Ridge has channelled close to $9bn into upstream energy assets.
The company’s approach aims to meet growing energy demands from sectors such as bitcoin mining, AI data centres and liquefied natural gas-reliant countries.
With more than 11GW of natural gas energy supply, the company is positioned to provide substantial, consistent and uncorrelated returns to its investors.
Since the start of 2023, Stone Ridge has reported generating $9bn in trading profits for its investors.
