ConocoPhillips Sheds Part of Its Lukoil Stake

Wednesday, 24 Mar 2010 08:43 AM

 

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ConocoPhillips says it will sell half its stake in Russian oil giant Lukoil as part of its plan to unload $10 billion in assets over the next two years.

The company said Wednesday that other potential sales in 2010 include the company's interest in Canadian oil sands project Syncrude, the Rockies Express natural gas pipeline and energy producing properties in the U.S. and Canada. It also will sale the rest of its U.S. marketing assets.

ConocoPhillips, which owns 20 percent of Lukoil, said it will use the money to boost dividends, buy back stock and fund its capital program.

At an analyst meeting in New York, the Texas company will detail its plans to use some of the money from the sales to improve production.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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