ConocoPhillips completed its 2016 asset dispositions, bringing in an estimated $1.3 billion in proceeds, the company said Wednesday.
The company said it plans to use the funds for debt reduction, share buybacks and other company purposes. About $800 million of the proceeds will be factored into Q4 results, the company said.
The asset dispositions for 2016 production equates to about 27,000 barrels of oil equivalent per day, and production guidance for 2016 is estimated to still come in between 1,560 and 1,570 barrels of oil equivalent per day. For 2017, the company expects production to be flat to 2% growth versus 2016.
ConocoPhillips also cut its 2019 term loan by $150 million, and has paid about $2.2 billion in debt this year.