ConocoPhillips Completes $1.7 Billion Asset Sale, Reaching $5 Billion Divestiture Target Ahead of Schedule

en.Wedoany.com Reported - On August 6, U.S. oil and gas producer ConocoPhillips disclosed that it had completed the sale of $1.7 billion in non-core assets in the Lower 48 states in July, achieving its previously set $5 billion asset divestiture target ahead of schedule.

ConocoPhillips further expanded its asset divestiture program in 2025. In August of that year, after signing a $1.3 billion agreement to sell assets in the Anadarko Basin, the company raised its overall asset divestiture target from $2 billion to $5 billion, planning to complete it by the end of 2026. By the end of 2025, the company had completed approximately $3.2 billion in asset sales.

Since the beginning of this year, ConocoPhillips has continued to advance the disposal of remaining non-core assets. The company received approximately $200 million in proceeds from related asset sales in the second quarter, followed by the completion of this $1.7 billion transaction in July, bringing the total divestiture scale to the set target, with completion ahead of the original schedule.

This transaction involves ConocoPhillips' non-core oil and gas assets in the Lower 48 states. With the completion of the related asset sales, the company's previously launched $5 billion asset divestiture program has largely concluded.