The assets, picked up over the years through deals with Concho Resources Inc. and Shell Plc, are expected to fetch about $2 billion, the people said, asking not to be identified because the discussions are private.
The properties lie in what’s known as the Delaware basin, a fast-growing swath of the largest and most productive oil field in the U.S. — the Permian basin in West Texas and New Mexico.
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, they added. A representative for ConocoPhillips declined to comment.
With oil and gas businesses stretching from Alaska to Australia, ConocoPhillips is trimming its portfolio after initially identifying about $2 billion in asset sales as a result of its $17 billion deal for Marathon Oil Corp. in 2024. The company announced in August that it was doubling the divestiture target to $5 billion.
Operators in the U.S. shale patch have been looking to sell smaller assets to help pay down debt following a consolidation wave of more than $450 billion since the start of 2023.