ConocoPhillips puts its Williston basin assets on the market

By Rachel Butt and Kiel Porter on 8/18/2021

(Bloomberg) --ConocoPhillips is marketing its Williston Basin oil assets for a potential sale, according to people with knowledge of the matter.

The company estimates it could fetch roughly $200 million for the assets in the Williston Basin of North Dakota and Montana, said the people, who asked not to be identified because the discussions are private.

ConocoPhillips spokesman Dennis Nuss declined to comment.

The company is constantly reviewing its portfolio to identify uncompetitive businesses and screening opportunities to both buy and sell assets, Chairman and Chief Executive Officer Ryan Lance said during an Aug. 3 second quarter earnings call.

Major oil companies are shedding assets as they focus on less carbon intensive operations. Royal Dutch Shell Plc’s portfolio of Permian Basin oil fields, which could be worth as much as $10 billion, is said to attract suitors including ConocoPhillips.

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