ConocoPhillips expects 25 pct lower capital spending in 2016

Thu Dec 10, 2015 8:06am EST
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Dec 10 (Reuters) - ConocoPhillips, the largest U.S. independent oil company, said on Thursday it expects its 2016 capital expenditure to be 25 percent lower than this year's estimated budget, as it responds to a slump in oil prices.

The company forecast 2016 capital budget of $7.7 billion, and also said it expects to raise $2.3 billion from non-core asset sales. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Sriraj Kalluvila)