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OFFON

CONOCOPHILLIPS

(COP)
  Report
Real-time Estimate Quote. Real-time Estimate  - 10/28 10:31:20 pm
75.1700 USD   +0.99%
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Conoco Reportedly Offers to Sell Some Secondary US Oil Acreage

09/23/2021 | 01:25pm EDT

ConocoPhillips (NYSE:COP) is offering to sell about $500 million in conventional oil and gas properties in the top U.S. oil basin, according to a marketing document seen by Reuters, hoping to unload less valuable acreage after two major shale acquisitions. ConocoPhillips has hired investment bank RBC Capital Markets to handle the upcoming sale, according to a marketing document dated fall 2021. The offer covers lower-value oil and gas producing properties in the Central Basin Platform (CBP) and Northern Shelf formations, spread across west Texas and New Mexico. ConocoPhillips spokesperson Dennis Nuss declined to comment. RBC Capital Markets did not reply to requests for comment. ConocoPhillips has signaled its interest in accelerating divestments after the two shale deals. It plans to divest as much as $5 billion in assets by 2023, with a focus on less productive parts of its Permian portfolio, it said this week. It also has said it aims to sell a stake in some of its Alaskan assets. Its Permian properties were valued at around $500 million, based on proved developed producing (PDP) valuation measures, the marketing document said. Initial bid proposals are due on October 13, 2021. The CBP assets produced about 9,260 barrels of oil and gas per day (boepd), while the Northwest Shelf produced about 3,840 boepd, the document added.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 40 610 M - -
Net income 2021 7 387 M - -
Net Debt 2021 14 603 M - -
P/E ratio 2021 13,3x
Yield 2021 2,36%
Capitalization 99 668 M 99 668 M -
EV / Sales 2021 2,81x
EV / Sales 2022 2,60x
Nbr of Employees 10 100
Free-Float 64,1%
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Mean consensus BUY
Number of Analysts 28
Last Close Price 74,43 $
Average target price 85,19 $
Spread / Average Target 14,5%
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Managers and Directors
Ryan M. Lance Chairman & Chief Executive Officer
William L. Bullock Chief Financial Officer & Executive Vice President
Dominic E. Macklon Executive VP-Strategy, Sustainability & Technology
Pragati Mathur Chief Digital & Information Officer
Shannon Weinberg Kinney Secretary & Chief Compliance Officer
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