ConocoPhillips Sells Barnett Assets

Oil and gas company ConocoPhillips (COP) has agreed to sell its interests in the Barnett to an affiliate of Miller Thomson & Partners LLC for $305 million. Proceeds from the deal will be used for general corporate purposes.

Full-year 2016 production associated with the Barnett assets was 11,000 barrels of oil equivalent per day (MBOED), of which approximately 55% was natural gas and 45% was natural gas liquids. Year-end 2016 reserves were approximately 50 million barrels of oil equivalent. As of May 31, the net book value of the assets was approximately $900 million. The company expects to record a non-cash impairment on the assets in Q2, and the transaction is expected to close in Q3.

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