ConocoPhillips announced it has entered into an agreement to sell its interests in the Ursa and Europa Fields and Ursa Oil Pipeline Company LLC to Shell Offshore Inc. and Shell Pipeline Company LP, subsidiaries of Shell plc, for $735 million subject to customary closing adjustments. The transaction also includes an overriding royalty interest in the Ursa Field. Proceeds from this transaction will be used for general corporate purposes.

“Combined with previously announced dispositions, this transaction reflects our ongoing commitment to further strengthen our portfolio by divesting noncore assets and shows significant progress toward our $2 billion disposition target,” said Andy O’Brien, senior vice president, Strategy, Commercial, Sustainability & Technology.

Full-year 2024 production associated with the company’s 15.96% interest in the Ursa Field and 1% interest in the Europa Field was approximately 8 thousand barrels of oil equivalent per day (MBOED). The transaction is subject to customary closing conditions and is expected to be completed by the end of second quarter of 2025. The effective date of the transaction is Jan. 1, 2025.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $123 billion of total assets, and approximately 11,800 employees at Dec. 31, 2024. Production averaged 1,987 MBOED for the twelve months ended Dec. 31, 2024, and proved reserves were 7.8 BBOE as of Dec. 31, 2024.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.