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ConocoPhillips aims to spend $5.5 bln/year for rest of decade
November 8, 2017 / 12:13 PM / in 11 days

ConocoPhillips aims to spend $5.5 bln/year for rest of decade

NEW YORK, Nov 8 (Reuters) - ConocoPhillips, the largest U.S. independent oil and natural gas producer, said on Wednesday it would spend $5.5 billion annually for the rest of the decade on capital projects as long as oil prices stay above $50 per barrel.

The Houston-based company also said it expects to pay off more than $4.6 billion of debt by 2020, reducing its debt load to $15 billion. Continuing a theme of focusing on profits and not production, ConocoPhillips said it would generate a 20 percent cash return on capital employed by the end of the decade. (Reporting by Ernest Scheyder; Editing by Chizu Nomiyama)

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