HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today announced it has entered into an agreement to sell its interests in the Barnett shale play to Lime Rock Resources for approximately $230 million plus net customary adjustments. Proceeds from this transaction will be used for general corporate purposes.
Production associated with the Barnett assets for the first half of 2018 averaged 9 thousand barrels of oil equivalent per day, of which approximately 55 percent was natural gas and 45 percent was natural gas liquids. The transaction is subject to specific conditions precedent being satisfied and is expected to close by year-end 2018.
ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $69 billion of total assets, and approximately 11,200 employees as of June 30, 2018. Production excluding Libya averaged 1,216 MBOED for the six months ended June 30, 2018, and proved reserves were 5.0 billion BOE as of Dec. 31, 2017. For more information, go to www.conocophillips.com.