ConocoPhillips said today it had agreed to sell its interests in the San Juan Basin in the US south-west for $3billion.
An affiliate of Houston-headquartered Hilcorp Energy is buying the stakes for $2.7billion in cash and a contingent payment of up to $300million.
ConocoPhillips said the deal would reduce its exposure to North American gas and improve its balance sheet.
The sale is expected to go through in the third quarter of 2017.
Full-year 2016 production from the San Juan Basin assets was 124,000 barrels of oil equivalent per day, about 80% of which was natural gas.
They contained proven reserves totalling 600 million barrels at the end of 2016.
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