ConocoPhillips Plans to Sell $5B to $10B of Non-core Assets over the Next Two Years

ConocoPhillips COP provided new information regarding sources of future reserves and production growth during its annual presentation to the financial community today in New York. In addition, the company announced plans to sell an additional $5-10 billion of non-core assets over the next two years. ConocoPhillips initiated its multi year returns-enhancement plan in 2010, designed to improve capital efficiency, reduce debt and increase shareholder distributions. Proceeds from the increased asset sales are expected to be used primarily to fund the company's recently announced $10 billion share repurchase program and for capital investment opportunities.