ConocoPhillips is reportedly preparing to sell its oil and gas assets in Oklahoma’s Anadarko Basin, aiming to raise over $1 billion as part of a broader divestment strategy. The assets, acquired through the $22.5 billion Marathon Oil acquisition in late 2024, span approximately 300,000 net acres and produce around 39,000 barrels of oil equivalent per day—about half of which is natural gas.
The company has enlisted Moelis & Co to manage the sale process, though discussions remain in early stages. If successful, the sale would help ConocoPhillips meet its goal of raising $2 billion by offloading non-core assets following the Marathon deal. The company also assumed $5.4 billion in debt as part of the acquisition.
This move comes as demand for natural gas continues to rise, particularly for use in power generation driven by the growth of energy-intensive data centers. Market watchers expect strong buyer interest from operators looking to expand in Oklahoma or capitalize on gas-weighted acreage.
Earlier this year, ConocoPhillips also announced the sale of Gulf of Mexico interests—including a stake in the Ursa platform—to Shell for $735 million, further aligning its portfolio around core growth basins like the Permian, Eagle Ford, and Bakken.
As consolidation and portfolio optimization continue across the sector, the Anadarko divestiture may signal more asset reshuffling ahead in mature U.S. basins.
