ConocoPhillips Mulls Sale of Norway, Teesside Assets After Unsolicited Offer

ConocoPhillips said on October 1, 2026, it is reviewing the potential sale of its Norway business and its Teesside asset in the U.K. after receiving an unsolicited offer. The company did not identify the bidder or disclose the offer's value. The company said it has notified employees, partners and regulators of the review. It described the evaluation as consistent with its strategy of optimizing and "high-grading" its global portfolio and said no transaction is guaranteed, adding it would retain the assets if offers fail to meet valuation expectations. ConocoPhillips entered Norway in 1965 and operates the Greater Ekofisk Area — five producing fields — in the North Sea, alongside stakes in partner-operated fields. Ekofisk crude is piped to the Teesside terminal at Seal Sands near Middlesbrough, a roughly 307-acre reception, storage, processing and trans-shipment site, while associated gas flows to Emden, Germany. Any deal would reshape the U.S. oil major's decades-old European footprint.