ConocoPhillips, one of the top U.S. oil and gas producers, is in advanced talks to sell approximately 300,000 net acres in Oklahoma’s Anadarko Basin to privately held Stone Ridge Energy, according to Reuters. The assets produce around 39,000 boepd—roughly half of which is natural gas—and the deal is reportedly valued at $1.3 billion.
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The potential buyer, Stone Ridge Energy, is the energy investment arm of U.S.-based Stone Ridge Asset Management. If finalized, the assets would be operated by Flywheel Energy, a Stone Ridge-backed firm headquartered in Oklahoma.
The sale aligns with ConocoPhillips’ strategy to streamline its portfolio following its $22.5 billion all-stock acquisition of Marathon Oil, which expanded its footprint in the Permian, Eagle Ford, Anadarko, and Bakken plays. The company is aiming to divest $2 billion in non-core assets, with a strong focus on Oklahoma holdings.
ConocoPhillips has already sold over $1 billion in assets since the Marathon deal and is targeting capital reallocation toward its core growth areas. Buyers like Stone Ridge may see strategic value in the Oklahoma gas-rich acreage amid growing demand for natural gas, particularly from power-intensive sectors such as AI-driven data centers.
