ConocoPhillips Sells Oklahoma Energy Assets to Stone Ridge for $1.3 Billion

Stone Ridge Holdings Group has acquired ConocoPhillips' Oklahoma energy assets for $1.3bn, marking its second major investment this year. The assets were initially part of ConocoPhillips' $22.5bn acquisition of Marathon Oil. The deal enables ConocoPhillips to exceed its target of raising $2bn ahead of schedule. Stone Ridge's energy platform, Stone Ridge Energy, aims to meet growing energy demands from sectors such as bitcoin mining and AI data centres. Since its inception in 2021, Stone Ridge has channelled close to $9bn into upstream energy assets.

Stone Ridge Holdings Group, through its energy platform Stone Ridge Energy (SRE), has finalized a deal to acquire a substantial portfolio of energy assets in Oklahoma from ConocoPhillips for approximately $1.3bn [1]. This acquisition marks the second major investment by SRE this year, following a previous acquisition of over $1bn in energy assets in Colorado [2]. The deal enables ConocoPhillips to exceed its target of raising $2bn ahead of schedule, as it had been advancing negotiations regarding the sale of the assets in the Anadarko basin [1].

The assets were initially part of ConocoPhillips' extensive $22.5bn acquisition of Marathon Oil [3]. SRE's acquisition will expand its natural gas supply to over 11GW, positioning it to meet rising global energy demands from sectors such as bitcoin mining and AI data centers [2]. Since its inception in 2021, Stone Ridge has channeled close to $9bn into upstream energy assets [1].

Ross Stevens, Founder & CEO of Stone Ridge, highlighted the significance of the acquisition in a statement. "Powered by a uniquely non-fiat focused energy platform, SRE’s investing and operational advantages are accelerating, transforming the energy landscape," said Stevens. "This acquisition marks a key milestone in our commitment to safeguard sound money while utilizing innovative solutions to efficiently help meet soaring global energy demand" [1].

Stone Ridge's approach aims to meet growing energy demands from sectors such as bitcoin mining, AI data centers, and liquefied natural gas-reliant countries [1]. With more than 11GW of natural gas energy supply, the company is positioned to provide substantial, consistent, and uncorrelated returns to its investors [1]. Since the start of 2023, Stone Ridge has reported generating $9bn in trading profits for its investors [1].

References:
[1] https://finance.yahoo.com/news/stone-ridge-acquires-conocophillips-oklahoma-091518756.html
[2] https://www.chemanalyst.com/NewsAndDeals/NewsDetails/stone-ridge-energy-acquires-conocophillips-oklahoma-assets-in-1-3-billion-deal-38455
[3] https://www.offshore-technology.com/news/stone-ridge-acquires-conocophillips-oklahoma-energy-assets/