HOUSTON (Reuters) - ConocoPhillips , the third-largest U.S. oil company, said it might double its planned sale of less-desirable assets to $20 billion, with proceeds going to buy back stock.
Conoco is executing a plan, first announced in late 2009, to increase shareholder value through debt reduction, stock buybacks and increased dividends.
The Houston company first said it would shed $10 billion of its oil and gas properties, but said on Wednesday that it planned to sell an additional $5 billion to $10 billion in assets over the next two years.
Conoco did not immediately specify what might be sold, but did say those assets targeted would be mature, high-cost projects.
Earlier this week, analysts at Deutsche Bank said Conoco might sell stakes in projects it does not operate in areas that include Kashagan, Kazakhstan; Azerbaijan; and Western Canada.
Conoco Chief Executive Officer Jim Mulva also told investors the company was committed to reducing its refining capacity in coming years, with its smaller, less sophisticated plants probably targeted for sale.
So far, Conoco has sold assets in sales that have generated $7 billion. The company also sold its 20 percent stake in Russian oil major LUKOIL
Shares of Conoco rose 3 cents to $77.25 before the start of regular trading.
(Reporting by Anna Driver; Editing by Lisa Von Ahn)
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