UPDATE 3-ConocoPhillips to lower spending, sell assets amid oil slump

Thu Dec 10, 2015 5:11pm EST
 
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* Sees 2016 capex of $7.7 bln vs expected $10.2 bln in 2015

* Sees $2.3 bln from non-core asset sales in 2016

* Sees 2016 borrowing of up to $2 bln, at 2015 prices

* Sees 2016 opex of $7.7 bln vs expected $8.2 bln in 2015 (Adds Breakingviews link)

By Anet Josline Pinto

Dec 10 (Reuters) - ConocoPhillips, the largest U.S. independent oil company, plans to reduce capital spending by 25 percent next year and sell more non-core assets as it looks to shore up its finances amid a prolonged slump in oil prices.

The company's shares rose as much as 3 percent on Thursday, after it said it would cut capital spending to $7.7 billion in 2016 from an estimated $10.2 billion this year.

ConocoPhillips expects to spend a bulk of next year's budget on U.S. shale fields in Texas and North Dakota, and on drilling operations in Alaska and Gulf of Mexico.

The company's budget cut announcement comes a day after larger rival Chevron Corp said it planned to slash its budget by 24 percent in 2016.   Continued...