ConocoPhillips completes $1.7 billion asset sale, hits divestiture target early

Aug 6 (Reuters) - ConocoPhillips ‌said on ​Thursday ​it has completed the sale of $1.7 billion of noncore Lower ‌48 assets in July, helping the U.S. ⁠oil producer reach its $5 billion asset disposition target ‌ahead of schedule.

Here are ‌some details:

• Asset sales have become a key step for large shale producers ​looking to streamline operations, strengthen balance sheets and boost shareholder payouts while ⁠prioritizing returns over production growth.

• The company disclosed the sale ​while reporting second-quarter results. It also announced the retirement of longtime CEO ​Ryan Lance and said ‌CFO Andy O'Brien would take the helm, effective September 1.

• The ⁠company said the divestments were part of its efforts to streamline its portfolio and ⁠focus on core, higher-return assets.

• The company posted better-than-expected ​second quarter profit as stronger commodity prices and cost-cutting measures helped offset a decline in its ‌output.

• In its earnings release, ConocoPhillips said it received $200 million in ‌proceeds from noncore asset sales during ⁠the quarter and funded $3 ‌billion of ​capital expenditures and investments.

(Reporting by Sumit Saha in Bengaluru; Editing by Shailesh ‌Kuber)

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