In its 2016 operating plan, ConocoPhillips (NYSE: COP) stated that it expects to gain approximately $2.3 billion from non-core asset sales.
The $2.3 billion in asset sales includes $0.6 billion from transactions that closed through the first three quarters. The remaining $1.7 billion represents transactions with definitive agreements in place that are expected to close in the fourth quarter of 2015 or the first quarter of 2016. Production from these assets, of which 80% is natural gas, accounts for more than 70 thousand barrels of oil equivalent per day (Mboe/d) of 2015 production.
The company has set a $7.7 billion capital budget for 2016, which reduces its capital spending by 25% from 2015 and represents a 55% reduction compared with 2014 capital spending.
ConocoPhillips plans to focus mainly on its operations in shale plays located in Texas and North Dakota, and on its drilling operations in Alaska and the Gulf of Mexico.