According to a market document seen by Reuters, ConocoPhillips offers to sell conventional oil and gas properties in the Permian Basin following two major shale acquisitions.
The arrangement includes lower-value oil and gas producing properties in the Central Basin Platform (CBP) and Northern Shelf formations. The assets were valued at around USD500 million based on proved developed producing (PDP) valuation measures.
Conoco hired investment bank RBC Capital Markets to handle the upcoming sale.
Earlier this week, the company said that it targets to divest as much as USD5 billion in assets by 2023, with a focus on less productive parts of its Permian assets.
