ConocoPhillips completes $1.7 bln asset sale, hits divestiture target early

ConocoPhillips completes $1.7 bln asset sale, hits divestiture target early

Aug 6 (Reuters) – ConocoPhillips said on Thursday it has completed the sale of $1.7 billion of ​noncore Lower 48 assets in ‌July, helping the U.S. oil producer reach its $5 billion asset disposition target ahead of schedule.

Here ​are some details:

• Asset sales have ​become a key step for large shale ⁠producers looking to streamline operations, strengthen ​balance sheets and boost shareholder payouts ​while prioritizing returns over production growth.
• The company disclosed the sale while reporting second-quarter results. It also ​announced the retirement of longtime CEO Ryan Lance and ​said CFO Andy O’Brien would take the helm, effective ‌September ⁠1.
• The company said the divestments were part of its efforts to streamline its portfolio and focus on core, higher-return ​assets.

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• The company posted ​better-than-expected second ⁠quarter profit as stronger commodity prices and cost-cutting measures helped ​offset a decline in its ​output.
• In ⁠its earnings release, ConocoPhillips said it received $200 million in proceeds from noncore asset ⁠sales ​during the quarter and ​funded $3 billion of capital expenditures and investments.

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Reuters