ConocoPhillips (COP) is in advanced discussions to sell its Oklahoma oil and gas assets to Stone Ridge Energy for about $1.3 billion, Reuters reported Tuesday, citing three people familiar with the matter.
Flywheel Energy, backed by Stone Ridge, is expected to operate 300,000 net acres in the Anadarko basin which produce around 39,000 barrels of oil equivalent daily, about half of which is natural gas, the report said.
Talks are ongoing and a deal is not guaranteed, Reuters quoted the sources as saying.
ConocoPhillips and Stone Ridge Energy did not immediately respond to MT Newswires' request for comment.
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