US independent oil producer ConocoPhillips has said that it would sell its assets in the Barnett shale field in Texas to Miller Thomson & Partners LLC for USD $305 million, as part of efforts to reduce exposure to natural gas.
The Barnett assets produced 11,000 barrels of oil equivalent per day (boed) in 2016, of which about 55% was natural gas and 45% was natural gas liquids.
The oil producer said that it would sell natural gas-heavy assets in San Juan basin, as well as oil sands and western Canadian natural gas assets. It has also marked other gas-weighted assets for sale, including some assets in the Anadarko basin and the Gulf of Mexico.