ConocoPhillips is exploring a potential $2 billion sale of Permian Basin assets, according to Bloomberg News. The Houston-based energy producer is working with advisers to gauge buyer interest from both strategic operators and private equity firms.

The properties were accumulated through transactions with Concho Resources and Shell. While deliberations remain preliminary and a sale is not guaranteed, this review forms part of ConocoPhillips' broader portfolio optimization strategy. The company confirmed $3.2 billion in asset sales during 2025 and aims to reach $5 billion 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 $2 billion process would represent one of the larger US upstream asset sales currently under consideration. The sale would allow ConocoPhillips to streamline its operations while providing private equity firms an opportunity to acquire established Permian assets.