ConocoPhillips sells Barnett shale interest

ConocoPhillips sells Barnett shale interest
Image courtesy of ConocoPhillips

Houston-based ConocoPhillips has agreed to sell its interest in the Barnett shale play to Lime Rock Resources. 

According to the company’s statement, the transaction is valued at approximately $230 million.

Proceeds from this transaction will be used for general corporate purposes, ConocoPhillips said.

Production associated with the Barnett assets for the first half of 2018 averaged 9 thousand barrels of oil equivalent per day, of which approximately 55 percent was natural gas and 45 percent was natural gas liquids.

While the transaction is subject to specific conditions precedent being satisfied and is expected to close by year-end 2018.