ConocoPhillips plans to keep the number of rigs steady on Permian Basin acreage recently acquired from Shell plc.

ConocoPhillips production

“We plan to continue running four rigs on that property, the same activity rate that Shell was running, through the remainder of this year,” Executive Vice President Tim Leach who oversees Lower 48 operations told analysts during the fourth quarter and full-year 2021 earnings call.

The Permian transaction, which closed in December, gave ConocoPhillips ownership of 225,000 net acres producing about 175,000 boe/d. Shell’s proceeds were $5.5 billion.

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The deal closed several months after ConocoPhillips expanded its Permian...