U.S. oil giant ConocoPhillips (COP) plans to halve its stake in OAO Lukoil Holdings (LUKOY, LKOH.RS) to 10% and launch a $5 billion stock-buyback effort as the company detailed a number of steps as part of its effort to boost its lagging stock price.
U.S. oil giant ConocoPhillips (COP) plans to halve its stake in OAO
Lukoil Holdings (LUKOY, LKOH.RS) to 10% and launch a $5 billion stock-buyback
effort as the company detailed a number of steps as part of its effort to boost
its lagging stock price.
Shares are currently at levels seen five years ago, and the third-biggest oil
company in the
U.S.
by
market value after Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) has gone
through a period of struggles amid the recession as the oil bubble burst and
prices dropped.
Conoco disclosed Wednesday ahead of its annual analyst meeting a list of
potential divestitures for this year, including its remaining
U.S.
marketing assets. The company also announced a 10% dividend hike. The planned
$5 billion stock repurchase compares with Conoco's market value of $75 billion.
Meanwhile, Conoco confirmed that it will sell half its 20% stake in Lukoil--
Russia
's
second-biggest oil producer.
The company said in October it would sell about $10 billion of assets over the
next two years in an effort to shore up its finances. And it warned in January
that 2010 production will drop as it keeps a lid on oil-patch investment in
order to steady its finances.
The company said Wednesday it expects to deliver per-share production growth of
about 3% in 2010 and 2011 and 3% to 5% growth in subsequent years.
Shares of ConocoPhillips were up 0.9% premarket to $53. The stock has risen by
one-third in the past 12 months, trailing the broader market.
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