Conoco To Unload $10B in Assets, What Will Go First?
ConocoPhillips is cleaning house with plans to sell $10 billion in assets, cut capital spending by $1.5 billion and pay down its debt in an effort to strengthen its balance sheet and give shareholders more value. The third-largest U.S. oil company also will increase its dividend. The announcement marks a shift in Conoco’s operations, which have grown through a series of acquisitions including Burlington Resources in 2006 and a 20 percent stake in OAO Lukoil. That strategy has created its fair share of problems for the company. Conoco announced back in January it would write down $34 billion of previous acquisitions and lay off about 1,300 employees or 4 percent of its workforce. Conoco continues to tighten its belt, this time reducing its 2010 capital spending budget…
0 Comments