FARMINGTON, N.M. (AP) — A Houston-based oil and gas company plans to sell its assets in northwestern New Mexico and southwestern Colorado.
The Daily Times reports that ConocoPhillips spokeswoman Davy Kong confirmed plans to sell the assets in the San Juan Basin over the next two years.
ConocoPhillips has operated in the basin for more than 50 years and is the largest operator in the region with thousands of wells in the region.
The company employs approximately 500 people in the area, and San Juan County CEO Kim Carpenter said he hopes no jobs will be lost.
County Commissioner Scott Eckstein said it's too soon to say what the company's move will mean for the county.
ConocoPhillips on Oct. 27 reported a third-quarter loss of $1.04 billion. The results beat Wall Street expectations.