ConocoPhillips reports first-quarter sale, purchase activity

[CMOP + 227]

In this year’s first quarter, the company closed or entered definitive agreements for $250 million of proceeds from the sale of noncore assets. Several small packages in the Permian basin closed during the quarter. A package of largely undeveloped acreage in South Texas is expected to close in this year’s second quarter. The company expects production impacts from the transactions to be minimal and to complete its disposition program in the second quarter.

In February, ConocoPhillips reported an acquisition of 245,000 net acres that it now identifies as located mostly in the Austin Chalk play in central Louisiana where “several” exploration wells are expected to be drilled starting this year.

The company also recently acquired 35,000 net acres in the Montney play in Canada for $120 million. The acreage is adjacent to the company’s existing position in the liquids-rich portion of the Montney where the company now holds 140,000 net acres, with appraisal under way.