ConocoPhillips Nears $1.3 Billion Asset Sale to Flywheel Energy

ConocoPhillips is in advanced talks to sell some of its Oklahoma assets to Stone Ridge Energy-backed Flywheel Energy LLC for around $1.3 billion, as it streamlines its portfolio, people familiar with the matter said.

The two companies could announce the deal in coming weeks, according to the people, who asked not to be identified because the information is private. Houston-based ConocoPhillips had been exploring the sale of oilfield acreage in Oklahoma’s Anadarko Basin, the people said. Talks could also still fall apart.