FARMINGTON, N.M. (AP) – Energy company ConocoPhillip has sold its assets in northwest New Mexico for $3 billion.
The Daily Times reported Thursday that a Hilcorp Energy Company affiliate purchased the property.
ConocoPhillip has been operating in the area for more than 50 years. The company announced intentions to sell last November.
According to the report, Hilcorp is one of the largest privately-held independent oil and natural gas exploration and production companies in the country.
The company says it strives to support the communities it operates in by providing jobs, stimulating the economy and supporting local causes.