ConocoPhillips continues its debt-reduction program following the 2020 all-stock acquisition of Concho Resources for $13.3 billion and the 2021 all-cash purchase of Shell’s Permian assets for $9.5 billion.

The first deal demonstrated Conoco’s strategy to greatly expand in the Permian, even if that meant snapping up assets during the Pandemic when conditions dissuaded others capable of making such a bold move. The second purchase came as crude prices started to rebound and offered another opportunity for Conoco to sizably grow its Permian footprint without taking on a hair-raising debt level. With $19 billion in debt by the end of 2021, Conoco initiated an aggressive plan to lose the weight.

Reese Energy Consulting today is following the latest news from Conoco, which looks to clear $5 billion worth of assets from its books by next year and a total $15 billion by 2026. The company last month sold its Indonesia interests for $1.6 billion and is now considering the sale of its assets in the Anadarko Basin valued at $97.5 million. Sounds like a good start to drop the pounds.