ConocoPhillips, the largest U.S. shale driller, announced Tuesday plans to sell of some of its acreage in Texas and expand its operations in Louisiana and Canada.
The company is working to sell about $250 million in assets, including several small holdings in the Permian Basin in West Texas and parcels of mostly undeveloped land in South Texas. The Permian sales closed during the first quarter, and the South Texas transactions are expected to close by the end of the second quarter.
The company also announced the $120 million acquisition of about 35,000 acres in Canada’s Montney shale field in British Columbia and Alberta, bringing its total holdings there to about 140,000 acres.
The acquisition follows ConocoPhillips’ February purchase of about 245,000 acres, mostly in the Austin Chalk basin in central Louisiana. The company said it plans to drill several exploration wells there this year.
Matt Fox, ConocoPhillips’ executive vice president of strategy, exploration and technology, said in a statement that the acquisitions add to the company’s low-cost resource base without requiring significant investments in the near term.
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