ConocoPhillips (COP.N), opens new tab is exploring a sale of some of its Permian Basin assets as part of a broader streamlining of its portfolio, Bloomberg News reported on Friday, citing people familiar with the matter.
The assets, picked up over the years through deals with Concho Resources and Shell (SHEL.L), opens new tab, are expected to fetch about $2 billion, the report added.
ConocoPhillips is working with advisers to seek a buyer, with interest expected from strategic as well as private equity suitors, the people said.
Deliberations are at an early stage and the Houston-based company may decide not to sell the assets, they added.
ConocoPhillips in its fourth-quarter earning release said it closed $3.2 billion in asset sales in 2025 and remains on track to meet its $5 billion disposition target by the end of 2026, as it streamlines its business.
ConocoPhillips did not immediately respond to a Reuters request for comment on the Bloomberg report.
Credit: Reuters
