ConocoPhillips reportedly close to $1.3bn sale of Oklahoma assets

ConocoPhillips is reportedly in talks to sell assets in Oklahoma to privately owned Stone Ridge Energy for around $1.3bn. According to three people familiar with the matter cited by Reuters on July 22, the talks are at an advanced stage.

One of the sources was further cited as saying that Oklahoma City-based Flywheel Energy, a private oil and gas company backed by Stone Ridge, would operate the assets on its backer's behalf.

The assets are reported to consist of operations in the Anadarko Basin, which ConocoPhillips acquired last year as part of its takeover of Marathon Oil. Reuters first reported in April that the company was exploring a sale of these assets, saying at the time that ConocoPhillips had hired investment bank Moelis & Co to run the sale process, according to sources familiar with the matter.

Talks were described at the time as being at an early stage and appear to have advanced since then, even though a sale is still not guaranteed. If a deal does take place, though, it will allow ConocoPhillips to exceed its target of raising $2bn by selling non-core assets. The target was set after ConocoPhillips took on around $5.4bn worth of Marathon’s debt as part of that acquisition, which was worth roughly $22.5bn in total. By April 2025, the company had already sold off more than $1bn worth of assets since the Marathon deal had closed in November 2024.

According to Reuters, if a deal for the Oklahoma assets does take place, Stone Ridge would acquire around 300,000 net acres (1,214 square km) in the Anadarko Basin, which produce about 39,000 barrels of oil equivalent per day (boepd). Natural gas accounts for around half of this output.

Stone Ridge Energy is the energy-focused arm of New York-based Stone Ridge Asset Management. Flywheel, for its part, also counts commodities trader Gunvor among its investors, Reuters noted. None of the parties reportedly involved in the potential transaction have commented publicly on the matter, as is typical for asset sales before they are formally announced.