ConocoPhillips will sell another $10bn of its assets this year, the upper end of its earlier $5bn-10bn divestment programme guidance. Most of the sales will be in exploration and production and will include “mature” assets and projects that have lower returns or lack upside poten- tial, chief executive Jim Mulva says. The company has sold $10bn of its assets in the past two years, offloading $3bn worth last year and $7bn in 2010. These sales included its 260,000 b/d Wilhelmshaven refinery in Germany, a $4.6bn interest in Canada’s Syncrude oil sands project and conventional natural gas assets in North America. In addition to the individual asset sales, the firm sold its 20pc stake in Russian private-sector oil firm Lukoil for $9.5bn in 2010.
展开▼
