ConocoPhillips cuts budget 4 percent, to buy back $3 billion in shares

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A Conoco gasoline station in St. Louis, Missouri January 14, 2015.    REUTERS/Kate Munsch/File Photo

A Conoco gasoline station in St. Louis, Missouri January 14, 2015. REUTERS/Kate Munsch/File Photo (Copyright Reuters 2016)

U.S. oil and natural gas producer ConocoPhillips said on Thursday it would cut its capital budget 4 percent next year due to technology gains and other improvements.

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The company also announced a $3 billion share repurchase program and said it would sell $5 billion to $8 billion in assets, mostly from its North American natural gas operations.

(Reporting by Ernest Scheyder; Editing by Chizu Nomiyama)