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UPDATE 1-Conoco defers sale of REX pipeline stake
SAN FRANCISCO, Sept 15 |
SAN FRANCISCO, Sept 15 (Reuters) - ConocoPhillips (COP.N) has put off the sale of its 25 percent stake in the Rockies Express natural gas pipeline after being disappointed by the bids it received, Chief Executive Jim Mulva said on Wednesday.
The stake in the REX pipeline, which runs from Colorado to Ohio, is among about $10 billion in planned Conoco assets sales which Mulva told the Barclays Capital CEO Energy-Power Conference in New York were on track to be done by next year.
The third-largest U.S. oil company expects 2010 oil and gas production to be about the same as 2008, but once the sales are completed it targets a return to output growth in late 2013 and 2014 as it brings on some of its larger projects. (Reporting by Braden Reddall; Editing by Phil Berlowitz)
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