ConocoPhillips may shop LNG stakes

LNG sale: Conoco may investigate selling interests

AFP

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News Wires

 28 February 2013 20:50 GMT

ConocoPhillips plans to reduce its exposure to higher-cost projects such as the Australia Pacific LNG project and Canada's oil sands in an effort to free up funds for shale development, the company's CEO told analysts on Thursday.

Oil and gas companies including ConocoPhillips are spending billions to increase crude oil output from lower-cost and stable basins in North America and other parts of the world, Reuters reported.

Houston-based ConocoPhillips has promised investors that its production, margins, cash flow and dividend will grow over five years, helped by higher output of crude from places like the Eagle Ford formation in South Texas.

Conoco is looking at a "wide variety" of options to sell down its 50% interest in the Surmont, Foster Creek and Christina Lake oil sands projects in Alberta, Chief…

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