ConocoPhillips has outlined is strategy and announced a US$5bn to US$8bn asset divestiture programme, which will focus primarily on North American gas assets.
The company, which will start a US$3bn share repurchase programme, has also provided details on its 2017 operating plan, which further reduces capital expenditures and adjusted operating costs compared with 2016, while delivering modest production growth. 2017 capital expenditures guidance are planned to be reduced to US$5bn, down by 4% compared with 2016 guidance of US$5.2bn, but more than 50% lower than 2015 capital expenditures of US$10.1bn. Investments in 2017 will focus primarily on flexible unconventional development programs in the U.S., conventional projects in Europe, Asia Pacific and Alaska, and base asset maintenance. The company's full-year 2017 oil and gas production is expected to shrink by 2% compared to 2016 level, to 1.5-1.6 mboe/day.
In 2015, the company had gas reserves of 8,625 bcf (243 bcm) in the United States and Canada (half of its global gas reserves) and its gas production averaged 2.2 bcf/d (63 mcm/d or 23 bcm/year), corresponding to 55% of its global gas production