ConocoPhillips said Thursday it is selling its stake in East Texas’ Barnett shale for $230 million to Houston-based Lime Rock Resources.
The sale is part of Houston-based ConocoPhillips’ effort to reduce its ownership of assets that aren’t considered corporate priorities. Lime Rock is a private oil and gas investment firm focused primarily on onshore U.S. deals.
Thus far in 2018, ConocoPhillips said it is producing 9,000 barrels of oil equivalent a day in the Barnett, 55 percent of which is natural gas and 45 percent natural gas liquids.
The deal is expected to close by the end of the year.
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