The leaders of ConocoPhillips, Houston, have agreed to sell the company’s assets in the Anadarko basin to investment firm Stone Ridge Energy for $1.3 billion. The planned divestiture—which comprises operations that produce roughly 40,000 boe/d—grows to nearly $2.6 billion the value of assets ConocoPhillips is divesting as chairman and chief executive officer Ryan Lance and his team look to capitalize on the acquisition of Marathon Oil Corp. (OGJ Online, May 29, 2024) they completed last November. When they announced that deal, the executives said they intended to sell $2 billion of assets. With that target now comfortably surpassed, they have added another roughly $2.5 billion to the disposition target and Lance thinks his team will face \"a reasonable market to be selling into.\" \"We were pleasantly surprised with the Anadarko basin,\" Lance told analysts and investors on an Aug 7 conference call. \"We’re getting plenty of North American natural gas production from our assets in North America and it just wasn’t going to compete for capital as we integrated that asset into the company. We were pretty pleased with the price that we got.\" New York-based Stone Ridge Energy was launched in 2021 under the umbrella of Stone Ridge Holdings Group. The parent firm also is investing in several other strategies, including in Bitcoin-focused NYDIG, which executives say has \"pioneered technology to facilitate profitable consumption of otherwise stranded energy throughout the life cycle of a natural gas well.\" ConocoPhillips’ deal for the Anadarko operations comes after a second quarter in which the company averaged total production of 2,391,000 boe/d, which was above leaders’ forecasted range and an increase of 23% from the same period of 2024. The company’s assets in the Lower 48 produced 761,000 b/d of oil (and 1,508,000 boe/d total) during the quarter, up from 575,000 b/d in 2024’s Q2 thanks in part to the Marathon acquisitions. Lance and his lieutenants told analysts and investors that ConocoPhillips’ synergies from buying Marathon have more than doubled their initial forecast of $500 million. They noted that, among other things, the company’s teams have been able to grow production even after dropping 10 rigs in recent quarters. Looking ahead to the third quarter, executives expect ConocoPhillips’ total production to be around 2,350,000 boe/d and full-year output to be a tick higher than that. Shares of ConocoPhillips (Ticker: COP) were changing hands around $93.50 on the afternoon of Aug. 8 and were on pace to be up slightly for the week. Over the past 6 months, they are down slightly, leaving the company’s market capitalization at about $117 billion.

ConocoPhillips selling Anadarko assets for $1.3 billion

ConocoPhillips, based in Houston, has agreed to sell its Anadarko basin operations to Stone Ridge Energy for $1.3 billion. The divestiture includes assets producing approximately 40,000 boe/d and is part of a broader strategy to capitalize on the integration of Marathon Oil Corp. acquired in November 2024. The company initially targeted $2 billion in asset sales, which has now been exceeded, with an additional $2.5 billion in dispositions planned. ConocoPhillips' production in the Lower 48 rose to 761,000 b/d of oil and 1,508,000 boe/d in Q2 2025, up from 575,000 b/d in Q2 2024, driven by synergies from the Marathon acquisition. Executives reported that synergies have more than doubled their original $500 million forecast. The company expects total production to remain stable at around 2.35 million boe/d in Q3 and slightly higher for the full year. Shares of ConocoPhillips (COP) were trading at $93.50 on August 8, 2025, with a market capitalization of approximately $117 billion.