ConocoPhillips, the third-biggest US oil company, on Wednesday announced plans to sell $10bn worth of assets over the next two years and cut its 2010 capital spending by $1.5bn. It plans to use the proceeds to cut its debt, accelerating a return to its stated target debt-to-capital ratio of 20-25%. Conoco  also announced a quarterly dividend of 50 cents per share, up 6%.

This entry was posted by Gwen Robinson on Thursday, October 8th, 2009 at 4:46 and is filed under Capital markets, Commodities. Tagged with ConocoPhillips. Edit this entry.