ConocoPhillips Looks to Sell Assets in the Permian Basin

ConocoPhillips (NYSE:COP) is included among the 14 Best LNG Stocks to Buy Now.

ConocoPhillips (NYSE:COP) is one of the world’s largest independent E&P companies based on oil and natural gas production and proved reserves.

A Bloomberg report on February 20 revealed that ConocoPhillips (NYSE:COP) is exploring the sale of some of its Permian Basin assets as part of its efforts to streamline its portfolio. The assets were acquired over the years through deals with Concho Resources and Shell and are expected to fetch around $2 billion. The oil and gas major is working with advisers to find an acquiring party, with interest expected from strategic as well as private equity investors.

ConocoPhillips (NYSE:COP) reported during its Q4 2025 earnings call that it closed over $3 billion in asset sales in 2025 to help streamline its business, with $1.6 billion in proceeds received in the fourth quarter. The company doubled its divestiture target to $5 billion in August 2025 and remains on track to meet this goal by the end of 2026.

ConocoPhillips (NYSE:COP) was recently included in our list of the 

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