Stone Ridge to buy Anadarko Basin assets from ConocoPhillips for $1.3bn

Financial services firm Stone Ridge Holdings Group announced on August 7 that its energy platform, Stone Ridge Energy (SRE), had agreed to acquire assets in Oklahoma from ConocoPhillips for around $1.3bn.

Separately, ConocoPhillips said on the same day in its second-quarter earnings release that it had struck the deal. Few other details of the sale were provided by either company, though ConocoPhillips said the assets were located in the Anadarko Basin.

The assets are among properties picked up when ConocoPhillips acquired Marathon Oil in a $22.5bn transaction that closed in November 2024. However, they were considered non-core to ConocoPhillips’ operations. On the company’s second-quarter earnings call last week, ConocoPhillips’ chairman and CEO, Ryan Lance, said the assets were not going to compete for capital in the company’s portfolio as they were integrated into the company. He added that ConocoPhillips was producing plenty of natural gas from its North American assets. The company has a process to identify assets that could be worth more to others, and this had been proven out in the Anadarko Basin asset sale as well, Lance said.

The company was “pretty pleased” with the price received for the assets, Lance said. Indeed, ConocoPhillips said that the sale, which is expected to close at the beginning of the fourth quarter of this year, would allow it to exceed its $2bn target for asset disposals ahead of schedule. As a result, the company has raised its asset disposal target to $5bn by the end of 2026.

According to comments made on the earnings call, the Anadarko Basin assets account for around 40,000 barrels of oil equivalent per day (boepd). ConocoPhillips said that the midpoint of its production guidance for the whole of 2025 remains unchanged at 2.36mn boepd after adjusting for announced and closed asset sales.

For the second quarter, ConocoPhillips reported earnings of $2.0bn, or $1.56 per share, down from $2.3bn, or $1.98 per share, in the same quarter of 2024. On an adjusted basis and excluding special items, earnings for the latest quarter came in at $1.8bn, or $1.42 per share. In total the company produced 2.39mn boepd in the second quarter, while in the Lower 48 states its output came in at 1.51mn boepd.

For SRE, this is the second acquisition of 2025, after it also bought over $1bn of energy assets in Colorado. This brings SRE’s investments in upstream energy assets to around $9bn since the unit’s launch in 2021.