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ConocoPhillips selling Barnett assets to Lime Rock

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    ConocoPhillips has divested its Barnett shale holdings. The company announced on 2 August that it will sell about 114,000 acres in the North Texas play to investment firm Lime Rock Resources for approximately $230 million. The Fort Worth Basin wells averaged about 9,000 BOE/day for ConocoPhillips during Q1 and Q2 2018. Roughly 55% of the output was NG, the remainder was NGL. The acquisition of the wells will provide Lime Rock with a “robust cash flow and substantial horizontal development opportunities,” Charlie Addock, Lime Rock’s co-CEO, noted in a statement. For ConocoPhillips, the sale of its Barnet position is part of a long-term strategy to reduce the company’s debt exposure. In 2016, ConocoPhillips started wiping the red out ...

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