ConocoPhillips is exploring a potential $2bn sale of selected Permian Basin assets, according to a Bloomberg News report.

The Houston-based energy producer is working with advisers to assess buyer interest. Both strategic operators and private equity firms are expected to evaluate the assets.

The properties were accumulated over time through transactions with Concho Resources and Shell. However, deliberations remain preliminary and a sale is not guaranteed.

The review forms part of ConocoPhillips’ broader portfolio optimisation strategy. In its fourth-quarter earnings release, the company confirmed $3.2bn in asset sales during 2025 and reiterated its goal of reaching $5bn in total disposals by the end of 2026.

For private equity, the potential transaction offers exposure to mature Permian Basin assets at a time when upstream valuations remain sensitive to commodity price volatility and capital discipline pressures.

A potentially $2bn process would represent one of the larger US upstream asset sales currently under consideration.

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