ConocoPhillips is exploring a sale of some of its Permian basin assets as part of a broader streamlining of its portfolio, according to people familiar with the matter.
ConocoPhillips and its partners have submitted two plans for development and operation (PDOs) to Norway’s Ministry of Energy for the Albuskjell, Vest Ekofisk and Tommeliten Gamma fields in the Greater Ekofisk Area of the North Sea.
Libya has signed a 25-year oil development deal with TotalEnergies and ConocoPhillips, expected to generate more than USD 20 billion in foreign investment, Reuters reported on Saturday.
Western Midstream Partners LP (WES) announced Tuesday it has amended its natural gas gathering and processing contracts in the Delaware Basin with Occidental Petroleum Corp and expanded its partnership with ConocoPhillips in the same basin.
ConocoPhillips will reduce its workforce by 20–25% as part of a broad reorganization announced to employees this week, according to a new Reuters report. The company said reductions will occur across functions and geographies, with further details to be shared directly with staff through internal briefings.
“ConocoPhillips is one of our most important customers and long-term partners, and Aris has consistently demonstrated its ability to deliver reliable, full-cycle water infrastructure solutions. This extension represents a significant milestone for Aris – lengthening the acreage-weighted remaining term of our produced water contracts from approximately six years to over ten years”, Amanda Brock, President and CEO of Aris Water Solutions, said.
The Directorate reported that the Slagugle oil discovery, proven in 2020, holds an estimated 4.9 to 9.8 million standard cubic meters of oil equivalent (approximately 30.8 to 61.6 million barrels of oil equivalent) in Triassic reservoir rocks. Additional potential volumes exist in the lower Are Formation and Upper Grey Beds. Licensees will now analyze the data to assess a possible development.
In February, ConocoPhillips said it would seek to boost returns to shareholders by nearly $1 billion this year as it booked better-than-expected earnings for the fourth quarter of 2024. The company’s Q4 adjusted earnings reported in February were at $2.4 billion, or $1.98 per share, down from adjusted earnings of $2.9 billion, or $2.40 per share, for the same period a year earlier.
Marathon Oil survives as a subsidiary. Marathon Oil shareholders received 0.255 ConocoPhillips common shares for each common share they held at Marathon Oil. ConocoPhillips paid cash for fractional shares. The total enterprise value of $22.5 billion includes $5.4 billion of net debt accrued by Marathon Oil, according to the announcement of the merger agreement May 29.
ConocoPhillips has inked a natural gas supply deal with German Uniper that would see the U.S. major supply up to 10 billion cu m of gas to the German company annually over a period of 10 years.