ConocoPhillips reportedly considering sale of certain Permian Basin, Eagle Ford assets

ConocoPhillips is reportedly exploring the possibility of selling some of its assets in the US’ Permian Basin. Citing people familiar with the matter, Bloomberg reported last week that the sale was being considered as part of a broader streamlining of the company’s portfolio.

Indeed, ConocoPhillips has been targeting asset sales of $5bn by the end of 2026 following its acquisition of Marathon Oil in 2024 in a deal with an enterprise value of $22.5bn. The company had initially set a $2bn asset sale target in the wake of the Marathon deal, increasing the goal to $5bn by the end of 2026 last year. Earlier this month, in its earnings release for the fourth quarter of 2025, ConocoPhillips said it had closed $3.2bn worth of asset sales over the whole of last year, adding that it was on track to meet the $5bn target.

According to Bloomberg’s sources, the assets ConocoPhillips is considering selling in the Permian could fetch about $2bn. The assets in question are located in the Permian’s Delaware sub-basin and have been acquired over years via deals with Concho Resources and Shell, the sources said.

The sources went on to add that ConocoPhillips was working with advisers to find a buyer and that interest was expected from “strategic” as well as private equity players. However, the process is at an early stage and there is no guarantee that ConocoPhillips would proceed with a sale, according to the report.

Separately, Hart Energy reported this week that in addition to the Permian assets, ConocoPhillips was also exploring a potential asset sale involving certain assets in the Eagle Ford shale in South Texas. The company picked up more assets in the Eagle Ford via its acquisition of Marathon, which in turn bought Ensign Natural Resources' Eagle Ford assets in 2022.

According to ConocoPhillips’ website, it currently holds roughly 792,000 net acres (3,205 square km) in the Delaware Basin and around 484,000 net acres (1,959 square km) in the Eagle Ford.

The company’s reported efforts to sell assets come as oil and gas assets are changing hands elsewhere in the Eagle Ford. Last week, SM Energy agreed to sell some of its Eagle Ford assets to Caturus Energy for $950mn in cash.