ConocoPhillips Nears $1.3 Billion Sale of Oklahoma Assets
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ConocoPhillips is in advanced talks to sell some of its Oklahoma assets to closely held Flywheel Energy LLC for around $1.3 billion, as it streamlines its portfolio, people familiar with the matter said.
The two companies could announce the deal in coming weeks, according to the people, who asked not to be identified because the information is private. Houston-based ConocoPhillips had been exploring the sale of oilfield acreage in Oklahoma’s Anadarko Basin, the people said. Talks could also still fall apart.
Representatives for Flywheel didn’t return messages seeking comment. A representative for ConocoPhillips declined to comment.
ConocoPhillips, with a market value of $117 billion, closed on its nearly $17 billion acquisition of rival Marathon Oil Corp. in November. It had identified about $2 billion of targeted asset sales as a result of the deal.
Flywheel, an onshore producer based in Oklahoma City, is partly backed by Stone Ridge Asset Management LLC, an alternative asset manager. Representatives for Stone Ridge didn’t return messages seeking comment.
The commodity trader Gunvor Group had also purchased a significant minority stake in Flywheel, Bloomberg News reported earlier this year.
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