- No More Over-Reliance on Consumer Spending: Volcker
- UK Banks Agree Shakeup; Lloyds in Record Share Issue
- Australia Raises Rates Again, December Move Uncertain
- Ford to Extend Revolving Credit, Raise $3 Billion Equity
- Madoff: All SEC Did Before 2006 Was a 'Waste of Time'
- How to Prepare Your Portfolio if the Market Sells Off
- Stanley Works to Acquire Black & Decker for $4.5 Billion
- The World's Most Secretive Tax Havens
- Treasury Cuts Q4 Borrowing Estimate to $276 Billion
- The 'S' Word: Sustainable
- What To Expect From Viacom's Earnings
- Stocks vs. Commodities: Which Way to Go Now?
- Better Times for Mortgage Banking
- Tony Fratto: Summers' Real Agenda
- Where to Invest Now: Two Strategists' Views
- Transforming Businesses
- Bullish Price Targets on 2 Auto Stocks: Analyst
- Why S&P Stocks Will Rise Over Next 6 Months: Market Pro
- BMW 3Q net profit falls 74 percent to euro78 million
- Beiersdorf 3Q net income flat at euro2 million
- Fresenius 3Q net income up 14 pct to euro128 Million
- Dubai home prices remain sharply lower over 2008
- Asia travel to rebound modestly in '10, group says
- Chemicals maker DSM 3Q profits up on asset sale
- Merkel addressing climate change with US lawmakers
- Lawmakers seek ban on laptops in airliner cockpits
- Philippine phone company says profit up 49 percent
Text Size 
ConocoPhillips, the third-largest U.S. oil company, has announced plans to sell assets worth at least $10 billion to cut debt and shore up its balance sheet.
During a conference call with analysts, Sig Cornelius, ConocoPhillips' senior vice president of finance and chief financial officer, discussed possible uses for the proceeds should they exceed $10 billion.
QUESTION: Assets that ConocoPhillips is marketing are well in excess of $10 billion in value, and that could take the company beyond the pay down of debt. Would the company be interested in buying back shares?
ANSWER: "We have a list of assets that is quite exhaustive that goes quite a bit more than $10 billion. ... If the market gets much, much stronger — meaning oil prices, crack spreads or gas prices — well, you may see us increasing our capital a couple of hundred million dollars or so, and those would make sense because their quick drilling opportunities are all that we would do."
"But as we bring the debt down and reach our objectives, then what do we do with our cash flow? Well, we said we wanted to increase our dividends annually. So then after we have satisfied our capital spending say a little bit more than $11 billion, we are certainly reaching and getting our debt down, raising our dividends, and we will consider a share repurchase."
Print
Email
- It's time to reevaluate your investments.
- A jailhouse interview with Bernie Madoff reveals the Ponzi schemer's thoughts on his crime and the SEC.
- Know stocks from bonds? Shorts from longs? Unfortunately, some don't. Take our quiz!
- These executives got the largest pay packages of the last 10 years.
- The world has proven oil reserves of 1.36 trillion barrels. Click ahead for the countries with the biggest.
- The house next door to President Obama's Chicago home recently went on sale. Why hasn't it sold?
Data is a real-time snapshot *Data is delayed at least 15 minutes