ConocoPhillips Plans $735 Million Asset Sale to Shell

ConocoPhillips has agreed to sell its interests in the Ursa and Europa oil fields, along with the Ursa Oil Pipeline, to Shell for $735 million as part of its strategy to divest noncore assets. This transaction, which is expected to close by the end of the second quarter of 2025, will increase Shell's working interest in the Ursa platform from 45.4% to a maximum of 61.35%. The assets currently produce approximately 8,000 barrels of oil equivalent per day. ConocoPhillips plans to use the proceeds from this sale for general corporate purposes and to support its $2 billion disposition target. Shell emphasized that this acquisition is aimed at unlocking more value from its existing upstream assets and infrastructure. The move reflects ongoing shifts in the energy sector amid changing market dynamics and corporate strategies.