ConocoPhillips’ three-year strategic plan to reposition the company is focused on improving portfolio returns and increasing value and distributions for its shareholders. $10.7 B in proceeds from asset dispositions / $9.5 B from LUKOIL share sales.
Over this period, ConocoPhillips’ asset divestiture program generated $10.7 billion in proceeds, in addition to $9.5 billion from LUKOIL share sales. Approximately $5 – 10 B of incremental asset sales is expected in 2012.
ConocoPhillips continues to invest in projects which will create long-term shareholder value. The company is targeting high-return upstream opportunities, spending $12.7 billion or 91% of its 2011 capital program in E&P. This is an increase of $3.4 billion over the 2010 E&P program of $9.3 billion, and is planned to grow to $14.0 billion in 2012. Due to the current market environment, the company continues to limit investments in North American natural gas production, which represented 26% of 2011 production.
ConocoPhillips continues to pursue frontier exploration opportunities around the world. During the quarter, the company signed production sharing agreements for deepwater blocks 36 and 37 in Angola’s emerging subsalt play trend. The company also acquired more than 100,000 acres in North American liquids-rich shale plays, bringing its 2011 shale acquisitions to more than 500,000 acres. In addition, ConocoPhillips added to its position in the deepwater Gulf of Mexico, successfully bidding on 75 blocks in the Paleogene play in December’s western Gulf of Mexico lease sale.
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