ConocoPhillips to sell Barnett shale assets

Image courtesy of ConocoPhillips

Houston-based energy giant and LNG player ConocoPhillips said it would sell its assets in the Barnett shale field in Texas to a unit of Miller Thomson & Partners for about $305 million.

Full-year 2016 production associated with the Barnett assets was 11,000 barrels of oil equivalent per day (boed), of which approximately 55 percent was natural gas and 45 percent was natural gas liquids, ConocoPhillips said in a statement on Thursday.

As of May 31, 2017, the net book value of the assets was about $0.9 billion.

ConocoPhillips said the Barnett deal, expected to close in the third quarter, may reduce its 2017 production forecast by less than 5 million barrels of oil equivalent per day (MBOED).

The company does not expect any material impact to 2017 cash flow or its forecast as a result of the transaction.

 

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