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

Features Reuters

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.

Continue Reading Below

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)