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US supermajor ConocoPhillips has announced that it intends to sell around US$10 billion of assets across two of its major divisions over the next two years.
In a statement the company will look to offload various assets from its Exploration & Production and Refining and Marketing portfolios. The money will be used to reduce debt.
“These actions are consistent with our objectives of creating shareholder value and improving financial flexibility while pursuing our long-term strategic initiatives,” Jim Mulva, ConocoPhillips chairman and CEO, said.
“This plan capitalises 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.”
The exact details of the prospective assets being made available for sale was not disclosed.
