ConocoPhillips to raise $5 billion - $8 billion from asset sales

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ConocoPhillips Chairman and Chief Executive Officer Ryan M. Lance (C) rings the closing bell at the New York Stock Exchange (NYSE), February 27, 2013. REUTERS/Brendan McDermid/File Photo

ConocoPhillips Chairman and Chief Executive Officer Ryan M. Lance (C) rings the closing bell at the New York Stock Exchange (NYSE), February 27, 2013. REUTERS/Brendan McDermid/File Photo (Copyright Reuters 2016)

ConocoPhillips , the largest U.S. independent oil producer, said it was looking to raise $5 billion to $8 billion from the sale of assets, particularly natural gas-producing operations in North America.

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The company, which is attempting to shore up its balance sheet after a steep slide in oil prices that began in mid 2014, also said it would buy back $3 billion of its stock.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Maju Samuel)