ConocoPhillips to Sell Barnett Assets
ConocoPhillips announced Thursday that it has entered into an agreement to sell its interests in the Barnett shale play to Lime Rock Resources for approximately $230 million, plus net customary adjustments.
The transaction is expected to close by the end of the year. Proceeds from the transaction will be used for general corporate purposes, ConocoPhillips said in a company statement posted on its website.
Production associated with the Barnett assets for the first half of 2018 averaged 9,000 barrels of oil equivalent per day, ConocoPhillips revealed. Of this amount, approximately 55 percent was natural gas and 45 percent was natural gas liquids, ConocoPhillips said.
In its second quarter results statement released last week, ConocoPhillips reported earnings of $1.6 billion. For the same period last year, the company reported a loss of $3.4 billion.
ConocoPhillips’ production, excluding Libya, for the second quarter of 2018 was 1.211 million barrels of oil equivalent per day. This was a decrease of 214,000 boe compared with the same period a year ago. In the Lower 48, production from the company’s Big 3 unconventional assets grew 37 percent year-over-year.
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