Image courtesy of ConocoPhillips.

ConocoPhillips is looking to sell up to $8 billion in natural gas assets as the company focuses on reducing its debt load.

ConocoPhillips executives told Reuters last week that the company plans to sell between $5 billion to $8 billion worth of North American natural gas assets.

The company has not disclosed a list of assets it plans to market.

The Houston-based company also plans to reduce its 2017 capital budget by 4 percent.

Chief Executive Officer Ryan Lance told Reuters that asset sales, spending cuts and other measures should help his company turn a profit with Brent prices at $50 per barrel.

ConocoPhillips told Reuters that the majority of its 2017 budget will be focused on shale projects in the Lower 48 and on maintaining current operations.

ConocoPhillips CFO Don Wallette said during the company’s third quarter conference call that Conoco expects to end 2016 with a little over $27 billion of debt.

ConocoPhillips reported a third quarter 2016 net loss of $1 billion, or a loss of $0.84 per share, compared with a third quarter 2015 net loss of $1.1 billion.

Excluding special items, third quarter 2016 adjusted earnings were a net loss of $800 million compared with a year-ago adjusted net loss of $500 million.

The company’s third quarter production was 1.557 million barrels of oil equivalent per day, an increase of 3,000 barrels of oil equivalent per day compared with the same period a year ago.

ConocoPhillips set its fourth quarter production guidance to between 1.555 to 1.595 million barrels of oil equivalent per day.

The company’s year-to-date capital spending was $3.9 billion as of October 27.


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