ConocoPhillips is an integrated energy company with assets of approximately $75 billion, and employs 56,000 people across 49 countries. They have recently announced plans to sell assets in Nigeria, Libya and three other countries up to the value of $17 billion. It is thought that the funds will be used as part of a plan to boost shareholder returns with share buybacks and higher dividends.
Phil Weiss, an oil analyst from Argus, was at a meeting with Conoco’s chief financial officer and head of investor relations, and confirmed that "Selective country exits are possible. Candidates would be Nigeria, Vietnam, Libya, Algeria and Kazakhstan."...MORE
Wednesday, February 8, 2012