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BTC shareholder aims to sell up to $8 billion in gas assets

11 November 2016 09:55 (UTC +04:00)

Baku – APA-Economics. ConocoPhillips (COP.N), the largest U.S. independent oil producer, will sell up to $8 billion in natural gas assets and trim its capital budget by 4 percent next year to provide funds to bolster operations, executives said on Thursday, Reuters reported.

The asset sale alone reflects a bold move by Chief Executive Officer Ryan Lance to reduce the company's $28.7 billion debt load.

Conoco plans to sell $5 billion to $8 billion in North American natural gas assets, a divestiture that is massive in its size and scope. For example, Chesapeake Energy Corp (CHK.N), the second-largest U.S. natural gas producer, has a $5 billion market valuation.

ConocoPhillips holds 2.5%stake in Baku-Tbilisi-Ceyhan.