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ConocoPhillips to divest Anadarko Basin asset for $1.3B

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   |    Sunday,August 10,2025

ConocoPhillips (“COP”) agreed to sell an Anadarko Basin position for $1.3 billion. The package was part of the Marathon Oil assets COP picked up and is now carving out as it sharpens focus on core returns.

Source : Marathon oil via SlideVault

What’s being sold

• Basin / Play: Anadarko Basin (OK/TX Panhandle)

• Core counties: Canadian, Caddo, Grady, Stephens, Garvin, Kingfisher, Dewey, Blaine

• Net acres: ~260,000

• 2P inventory: ~1,670 net locations (~6,300 gross)

Current production & mix (at sale)

• Total: ~40,000 Boe/d

• Oil: ~7,200 Bbl/d (calc: 40,000 × 18%)

• Liquids: ~20,000 Boe/d (50% of total)

  • NGLs: ~12,800 Boe/d (calc: liquids 20,000 − oil 7,200)

• Gas: ~20,000 Boe/d (remainder) → ~120 MMcf/d (calc: 20,000 × 6)

Implied valuation snapshots

• $ / flowing Boe/d: ~$32,500 (1,300 / 40,000)

• $ / flowing liquids Boe/d: ~$65,000 (1,300 / 20,000)

• $ / flowing oil bbl/d (oil-only): ~$180,556 (1,300 / 7,200)

• $ / net acre: ~$5,000 (1,300 / 260,000)

• $ / 2P location: ~$778,000 per net (1,300 / 1,670) • ~$206,000 per gross (1,300 / 6,300)

All dollar figures in billions/millions where appropriate; production conversions use 6 Mcf/Boe. Calculations rounded.

Why it makes sense (deal lens)

• Portfolio focus: Monetizes a sizeable, multi-county position outside COP’s highest-return core while preserving balance sheet capacity for core basin capital (and/or shareholder returns).

• Buyer’s angle: Large, contiguous footprint with scale (260k net acres), meaningful running room (1,670 net 2P), and established multi-bench exposure across the Anadarko—plus existing midstream and service depth in those counties.

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				Total