ConocoPhillips sells Ursa and Europa Fields interests to Shell for $735 Million

ConocoPhillips announced on Friday that it will sell its interest in the Ursa Fields and Europa Fields for $735,000,000 to Shell as part of its plan to streamline the company's portfolio.

After its $22.5 billion acquisition of Marathon Oil, the company is looking to sell non-core assets in order to reduce debt. Conoco announced earlier this month that it would be selling its Lower 48 non-core assets for $600,000,000.

ConocoPhillips stated that "this (Shell transaction) reflects our commitment to further strengthening our portfolio by disposing non-core assets, and shows significant progress towards our $2 billion disposal target."

Shell's Ursa working interest will increase from 45.4% to 61.35% by the end the second quarter 2025.

Shell stated that the acquisition increases its ownership of an established, long-producing asset which "generates robust cash flow while also providing greater options for growth".

ConocoPhillips shares were down 2% or so in the afternoon, due to falling crude oil prices.

(source: Reuters)