Conoco To Cut Lukoil Stake As Part Of $10B Asset Sale

Law360, New York (March 24, 2010, 1:56 PM EDT) -- ConocoPhillips Co. announced Wednesday that it will sell half of its 20 percent stake in Russian oil giant Lukoil as part of a program to reduce debt and improve finances at the energy conglomerate.

"We are focused on creating and delivering value to our shareholders," ConocoPhillips chairman and CEO Jim Mulva said. "We are taking decisive action to sell assets, reduce debt, build on our record of shareholder distributions and improve returns while growing production and reserves per share."

The company announced in 2009 that it...
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