UPDATE 3-Conoco turns homeward for oil growth

Thu Oct 31, 2013 3:48pm EDT
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* Expects about $9 bln from asset sales in Kazakhstan, Algeria, Nigeria

* Third-quarter profit up 39 pct, beats estimates

* Trims full-year production forecast, cites Libya disruption

* A Libya sale would be difficult-CFO

By Garima Goel and Anna Driver

Oct 31 (Reuters) - ConocoPhillips, abandoning higher-risk assets in favor of oilfields closer to home, said it expects proceeds of nearly $9 billion from the sale of its interests in Kazakhstan, Algeria and Nigeria.

Conoco's plan to focus on North America was reinforced on Thursday when the largest independent U.S. oil producer trimmed its output forecast for the year due to unrest in Libya.

The reduced forecast was the main black spot in Houston-based Conoco's third-quarter results. The company reported a better-than-expected 39 percent jump in profit, due in part to higher oil and natural gas prices.

ConocoPhillips, like rival U.S. oil producers Occidental Petroleum Corp and Hess Corp, is selling some of its assets abroad to reduce exposure to conflict and political risk, focusing instead on the shale oil boom at home.   Continued...