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U.S. oil giant ConocoPhillips selling assets to improve financial position

Published: 07/10/2009 05:00

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U.S. oil major ConocoPhillips said Wednesday it plans to sell 10 billion U.S. dollars of assets in the next two years in a bid to improve its financial position.

Houston-based ConocoPhillips said in a statement it would sell about 10 billion dollars of its refining, exploration and production assets over the next two years. It also plans to reduce its spending to about 11 billion in 2010, from 12.5 billion in 2009.

“This plan capitalizes on our large resource base and our strong portfolio of projects, while providing flexibility for potential changes in business conditions. We will replace reserves and grow production from a reduced, but more strategic, asset base,” said Jim Mulva, chairman and chief executive officer of the company.

ConocoPhillips, the third -largest U.S. company, has been criticized by Wall Street analysts for its heavy debt load and high cost structure. The company said it hopes the asset sales would help it achieve a debt-to-capital ratio of 20 percent to 25 percent. Its debt-to-capital ratio was 34 percent as of June 30.

ConocoPhillips, like others, has been hurt by steep declines in crude oil and natural gas prices.

VietNamNet/Xinhuanet

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U.S. oil giant ConocoPhillips selling assets to improve financial position - International - News |  vietnam travel company

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