ConocoPhillips Plans $2.1B Ekofisk Restart and Eyes $2B Permian Asset Sale
ConocoPhillips, with a $144.5 billion market cap, plans a $2.1 billion restart of three fields in Norway’s Greater Ekofisk and is exploring a $2 billion sale of Permian Basin assets. In 4Q25 it generated $14.2 billion in revenue, surpassing forecasts by $1.1 billion, while non-GAAP EPS reached $1.02.
1. Global Operations and Market Position
ConocoPhillips holds a $144.5 billion market cap, ranking it among the largest global oil and gas explorers. The company operates in North America, Europe, North Africa, Asia and Australia, producing crude oil and natural gas through extensive exploration and production assets.
2. Norway Ekofisk Restart Project
The company plans a $2.1 billion investment to restart production in Norway’s Greater Ekofisk area, covering three fields and 11 wells. Project details have been submitted to Norwegian authorities, targeting an uptick in North Sea output.
3. Permian Asset Sale Plans
ConocoPhillips is evaluating a roughly $2 billion divestiture of assets in the Delaware Basin portion of the Permian Basin. The sale is part of a broader effort to streamline operations and redeploy capital toward higher-return projects.
4. 4Q25 Financial Performance and Outlook
In the fourth quarter of 2025, revenue reached $14.2 billion, exceeding forecasts by $1.1 billion, while non-GAAP EPS amounted to $1.02 per share, slightly below expectations. The company’s shift from heavy project investment toward harvesting free cash flow has secured a conviction recommendation from energy analysts.