ConocoPhillips purchases Montney oilfields from Kelt Exploration Ltd.
ConocoPhillips Expands Portfolio with British Columbia Asset Purchase
In a move that further cements its position in the oil and gas industry, ConocoPhillips has announced the purchase of oil and gas assets from Kelt Exploration Ltd. for $510 million. The acquisition, which took place in British Columbia, Canada, does not significantly alter the geographic distribution of ConocoPhillips' assets, as the company already operates in North America, Europe, Asia, Australia, various LNG developments, oil sands assets in Canada, and has an inventory of conventional and unconventional exploration prospects.
The purchase, however, did not affect the primary operations of ConocoPhillips, which involve conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations worldwide. The company continues to sell its crude oil, natural gas, and natural gas liquids production primarily to third party marketing companies, much like Kelt Exploration Ltd., which sells its production to the same market.
The financial structure of ConocoPhillips remains unchanged, as the acquisition does not include any substantial additional debt beyond the $41 million in financing obligations mentioned earlier. The legal advisor for ConocoPhillips during the purchase was Hoskin & Harcourt LLP, with a team that included Janice Buckingham, Aqeel Virk, Kaeleigh Kuzma, Peter Glossop, Danielle Chu, and Storme Mckop.
ConocoPhillips' recent notable acquisition in the oil and gas sector was the purchase of Marathon Oil, finalized in 2024. This deal has expanded their asset base and production capabilities, particularly in the Lower 48 U.S. region.
Regarding expansion strategies, ConocoPhillips is actively advancing its global LNG (liquefied natural gas) portfolio. In 2025, it secured a 20-year LNG offtake agreement for 4 million tonnes per annum (MTPA) from Port Arthur LNG Phase 2 and holds a 30% equity stake in Phase 1. This aligns with their strategy to build a flexible and reliable LNG supply network for growing global energy demand. The company has also signed agreements extended to LNG terminals in Europe (e.g., Dunkerque in France) and Asia to further diversify and secure LNG supply chains.
However, there is no publicly available confirmation of ConocoPhillips acquiring assets from Kelt Exploration Ltd. in British Columbia in the recent reported deals or company announcements as of August 2025. For detailed, specific verification about Kelt Exploration Ltd. assets or local British Columbia acquisitions, it may require consulting ConocoPhillips’ official press releases or industry trade publications focused on Canadian upstream activity.
In summary, the acquisition of Kelt Exploration Ltd.'s assets in British Columbia expands ConocoPhillips' portfolio, but it does not significantly alter the geographic distribution of its assets or its financial structure. The company continues to focus on expanding its LNG portfolio and optimizing production in key U.S. basins such as the Permian, Eagle Ford, and Bakken, while diversifying and securing LNG supply chains globally.
In the latest move, ConocoPhillips strengthened its presence in the oil and gas industry by purchasing oil and gas assets from Kelt Exploration Ltd. in British Columbia, Canada, expanding their asset base in the energy sector. The company's financial structure, however, remains unaltered due to this acquisition, as it does not involve additional substantial debt beyond the $41 million in financing obligations.
