July 23, 2025 [Offshore Technology]- ConocoPhillips is reportedly in advanced negotiations to divest its Oklahoma assets to Stone Ridge Energy for approximately $1.3bn, according to a Reuters report, citing sources.

The sale discussions are progressing but are not yet finalised, with the possibility that they could conclude without a deal.

The assets in question, located in the Anadarko basin, were acquired by ConocoPhillips as part of its $22.5bn takeover of Marathon Oil.

The deal would see Stone Ridge Energy, the energy-focused division of Stone Ridge Asset Management based in New York, acquiring around 300,000 net acres (121,406 hectares) in the Anadarko shale formation.

These assets currently produce around 39,000 barrels of oil equivalent per day, with roughly half of this output consisting of natural gas.

Flywheel Energy, a private oil and gas company supported by Stone Ridge Energy and with investment from commodities trader Gunvor, is set to operate the assets.

The sale, if completed, would enable ConocoPhillips to exceed its divestment goal of $2bn, a target established following the assumption of $5.4bn in debt from Marathon.

ConocoPhillips declined to comment on the ongoing discussions, and neither Stone Ridge Energy nor Flywheel Energy responded immediately to requests for comment, the report said.

In a related development, ConocoPhillips completed the drilling of a second appraisal well, 6507/5-12 S, at the Slagugle oil discovery in the Norwegian Sea.

This well was drilled to further delineate the discovery made in well 6507/5-10 S (Slagugle) and to conduct a formation test to better understand the reservoir properties and connectivity.

The Slagugle oil discovery, initially made in 2020, has preliminary resource estimates ranging from 30.8 to 61.6 million barrels of oil equivalent in Triassic reservoir rocks.