HOUSTON – ConocoPhillips confirmed Aug. 7 its sale of more than $1 billion in oil and gas assets it held in Oklahoma.
The company’s confirmation came in its announcement of second quarter financial results in which it stated, “Signed an agreement to sell Anadarko Basin assets for $1.3 billion, expected to close at the beginning of the fourth quarter, exceeding $2 billion disposition target ahead of schedule.”
A similar announcement was made by the Dallas law firm of Haynes Boone, which represented ConocoPhillips in the definitive agreement to sell its upstream oil and gas assets in Oklahoma’s Anadarko Basin to Flywheel Energy.
As part of the deal, ConocoPhillips will sell 300,000 net acres in the Anadarko shale formation, which produce about 39,000 barrels of oil equivalent per day.
Flywheel Energy LLC is an Oklahoma City-based onshore producer backed by Stone Ridge Energy, the industry-focused platform of Stone Ridge Holdings Group, a financial services firm focused on alternative asset management, reinsurance and bitcoin.
The transaction is subject to customary regulatory approvals and closing conditions.
Haynes Boone’s market- leading Energy Practice Group has a strong presence across key global energy hubs, including London, Mexico City and the United States. The group advises clients across the full oil and gas value chain, from upstream exploration and production to midstream and downstream operations, as well as in energy transition sectors such as carbon capture, wind, solar and battery storage.
The Continental Oil and Transportation Co. (“Conoco”) was founded in Ogden, Utah, in 1875 by Isaac Blake. A decade later Conoco was reincorporated as part of Standard Oil, founded by John D. Rockefeller. After the U.S. Supreme Court dissolved Standard Oil, Conoco became independent in 1913.
By 1929, it had become a fully integrated oil company. The company was a distributor of coal, oil, kerosene, grease and candles in the West.
Marland Oil Co. was founded by E.W. Marland in 1917 and was based in Ponca City. By 1920 it was estimated that Marland and his partners controlled 10% of the world’s oil production.
Marland incorporated the Marland Oil Co. in Delaware in 1921, Marland Oil merged with Continental Oil Co. in 1929, retaining the name Continental Oil. Conoco was based in Ponca City until 1949, when it moved to Houston, Texas.
Marland served one term in the U.S. House of Representatives, 1933-34, and in 1935 was inaugurated as Governor of Oklahoma; he served a single term.
Phillips Petroleum Co. was founded in 1917 in Bartlesville and merged with Conoco Inc. in 2002 to form ConocoPhillips, which became the third-largest integrated energy company in the U.S.