ConocoPhillips Divests Niobara and Permian Assets

ConocoPhillips Divests Niobara and Permian Assets
ConocoPhillips has completed two transactions to sell its Niobara and Waddell Ranch assets.

ConocoPhillips has completed two transactions to sell its Niobara and Waddell Ranch assets, the company reported Thursday.

It did not identify the buyers of the U.S. Lower 48 assets.

Located in the southern Denver-Julesberg Basin, the Niobara assets boasted full-year 2019 production of 11,000 barrels of oil equivalent per day (MBOED), ConocoPhillips noted in a written statement. The firm added the effective date of the Niobara transaction is June 1, 2019.

The transaction for the Waddell Ranch assets – located in the Permian Basin – has an effective date of Nov. 1, 2019, ConocoPhillips stated. According to the company, production associated with the conventional assets for full-year 2019 was 4 MBOED.

To contact the author, email mveazey@rigzone.com.



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Robert Parisi  |  April 18, 2020
Obviously, this is far from an ideal time to liquidate energy assets. As a shareholder forever I hope they institute a zero carbon sustainability business model as BP did 2 months ago. Good Luck!