ConocoPhillips has completed the sale of USD 1.7 billion of non-core Lower 48 assets in the US and reached its USD 5-billion asset disposition target ahead of schedule, Reuters reported on Thursday.
The assets were sold in July as part of the company’s strategy to streamline its portfolio and concentrate investment on core, higher-return operations. The company also received USD 200 million in proceeds from non-core asset sales during Q2 2026 and funded USD 3 billion of capital expenditures and investments.
The divestments come as major US shale producers seek to strengthen their balance sheets and increase shareholder distributions while prioritising returns over production growth. ConocoPhillips also reported a better-than-expected Q2 2026 profit, supported by stronger commodity prices and cost reductions despite lower production.
ConocoPhillips’ Lower 48 business is its largest segment by production, and includes the company’s principal US unconventional positions in the Delaware and Midland basins, Eagle Ford and Bakken.
Separately, the company announced that longtime CEO Ryan Lance will retire, with CFO Andy O’Brien taking over as president and CEO effective September 1, 2026. Lance will remain in the company in a transitional role as executive chair of the board of directors.