ConocoPhillips has launched a comprehensive review of its Permian Basin portfolio, examining both upstream oil and gas acreage and related midstream infrastructure. The assessment spans operations in West Texas and southeastern New Mexico, targeting properties deemed non-core to the company’s long-term strategic focus.

The divestment review is designed to free up capital by monetizing lower-return assets, enabling reinvestment in higher-margin developments. Management expects any proceeds to bolster the balance sheet, support shareholder distributions, and accelerate growth in core regions.