ConocoPhillips is selling its interests in the Ursa and Europa Fields to Shell for $735 million as part of a strategy to divest non-core assets and focus on its key operations.

Target Information

ConocoPhillips announced its agreement to sell its interests in the Ursa and Europa Fields, along with the Ursa Oil Pipeline Company LLC, to Shell Offshore Inc. and Shell Pipeline Company LP for $735 million, subject to customary closing adjustments. This sale, which includes an overriding royalty interest in the Ursa Field, is anticipated to enhance ConocoPhillips' portfolio by divesting non-core assets and will contribute to general corporate purposes.

With a 15.96% stake in the Ursa Field and a 1% interest in the Europa Field, ConocoPhillips reported a production estimate of approximately 8 thousand barrels of oil equivalent per day (MBOED) for the full year 2024. The deal is expected to be finalized by the end of the second quarter of 2025, with an effective date set for January 1, 2025.

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