ConocoPhillips (COP - Get Report) has launched an auction for its massive oil and natural gas holdings in the mid-continent region that could fetch north of $2 billion, TheStreet's sister publication The Deal reported Friday. 

The Houston-based oil and gas company has tapped boutique investment bank Tudor, Pickering, Holt & Co. to shop more than 1 million net acres with over 100 million cubic feet of natural gas equivalent in current production across three packages in northern Texas and Oklahoma, which are most likely to garner interest from private buyers, said The Deal citing people with knowledge of the process. 

Bids are expected in late June for the three packages of assets, which may transact separately or not at all, sources told The Deal. 

The auction for ConocoPhillips' mid-continent assets comes on the heels of the sales of the company's San Juan Basin assets in New Mexico to Hilcorp San Juan LP, a Blackstone Group (BX - Get Report) affiliate, for $2.7 billion and its Canadian oil sands assets to Cenovus Energy (CVE - Get Report) for $13.3 billion.

An in-depth version of this article was originally published at 11 a.m. Friday by The Deal, a sister publication of TheStreet that offers sophisticated insight and analysis on all types of deals, from inception to integration. Click here for a free trial.

ConocoPhillips, which has not responded to a request for comment, said in November the company was initiating a $5 billion to $8 billion divestiture program that it claimed would focus primarily on North American natural gas.

Rumblings have surfaced that the company also is considering the sale of its Barnett Shale gas assets in north Texas, composed of 100,000 net acres, The Deal reported.

Notably, Devon Energy (DVN - Get Report) announced this week its own plans to sell select portions of its Barnett Shale holdings, primarily those around Johnson County, Texas, as part of a $1 billion divestiture program.

ConocoPhillips' was up slightly around midday Monday, as the broader S&P 500 trended down slightly from the previous session's close. 

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