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Energy Giant ConocoPhillips Eyes $2B Sale of Texas Oil Fields

Friday, February 20, 2026 at 6:45 PM

Houston-based oil company ConocoPhillips is reportedly looking to sell Texas oil field properties valued at approximately $2 billion. The potential sale is part of the energy giant's ongoing effort to streamline its operations and meet asset disposal goals.

Energy giant ConocoPhillips is reportedly looking into offloading Texas oil field properties valued at roughly $2 billion, according to a Bloomberg News report released Friday that cited sources with knowledge of the discussions.

The oil and gas holdings in question were acquired by the Houston-based company through previous transactions involving Concho Resources and Shell, according to the report.

Sources indicate that ConocoPhillips has enlisted financial advisors to help identify potential purchasers, with both strategic industry players and private equity firms expected to show interest in the properties.

However, the discussions remain in preliminary phases, and the company may ultimately choose to retain ownership of these assets, the sources noted.

During its fourth-quarter earnings announcement, ConocoPhillips revealed it had completed $3.2 billion worth of asset sales in 2025 and continues working toward its goal of disposing $5 billion in assets by late 2026 as part of its business optimization strategy.

The company has not yet provided a response to requests for comment regarding the Bloomberg report.

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