ConocoPhillips (COP) is in advanced discussions to sell assets in Oklahoma to Stone Ridge Energy for roughly $1.3B, Reuters’ Shariq Khan reports, citing three people familiar with the matter. Flywheel Energy, a private oil and gas firm backed by Stone Ridge, will operate the assets on Stone Ridge’s behalf, the author notes.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on COP:
- ConocoPhillips price target raised to $117 from $109 at Raymond James
- ConocoPhillips Seeks to Cease Reporting Issuer Status in Canada
- ConocoPhillips applies to cease being a reporting issuer in Canada
- Geopolitical Turmoil Spurs ConocoPhillips Stock (COP) Bulls
- ConocoPhillips price target raised to $119 from $118 at Morgan Stanley