XTO Energy has agreed a deal to trade producing properties, located primarily in Texas and New Mexico, with ConocoPhillips. The agreement stipulates the exchange of about 1,800 barrels of oil equivalent from daily production volumes.
For XTO, the transaction adds working interests to its operated properties in the East Texas Freestone Trend, the San Juan Basin and the recently acquired Permian Basin’s Goldsmith Field. The company said that it expects to realize additional growth opportunities through its ongoing development programs within these vital areas.
In the trade, XTO conveyed what it described as non-strategic interests in COP operated properties in the San Juan and Permian basins, along with a fractional interest in Alaska.
This trade allows both parties to expand their production on key operated properties. For XTO, the deal further highlights our ongoing resolve to build value within our concentrated asset base, stated Bob Simpson, chairman and CEO. With the company’s financial strength, we intend to continue our history of profitable growth through choice acquisitions, development drilling and other innovative transactions.