Conoco plans to shed some LNG, oil sands interests: CEO

(Reuters) - ConocoPhillips plans to reduce its exposure to higher-cost projects such as the Australia Pacific LNG project and Canada's oil sands in an effort to free up funds for shale development, the company's CEO told analysts on Thursday.

Oil and gas companies including Conoco are spending billions to increase crude oil output from lower-cost and stable basins in North America and other parts of the world.

Houston-based Conoco has promised investors that its production, margins, cash flow and dividend will grow over five years, helped by higher output of crude from places like the Eagle Ford formation in South Texas.

Conoco is looking at a "wide variety" of options to sell down its 50 percent interest in the Surmont, Foster Creek and Christina Lake oil sands projects in Alberta, Chief Executive Ryan Lance said on a webcast.

The company also has a 37.5 percent interest in the Australia Pacific LNG project with Origin Energy and China's Sinopec . Earlier this month, Origin raised APLNG's cost estimate 7 percent to $25.4 billion.

(Reporting By Anna Driver; Editing by Gerald E. McCormick and Marguerita Choy)

Source: http://news.yahoo.com/conoco-plans-shed-lng-oil-sands-interests-ceo-165505803--finance.html

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