Conoco CEO says asset sales may top $10 billion

HOUSTON (BestGrowthStock) – ConocoPhillips (COP.N: ) may sell more assets than it initially planned as part of its 2-year bid to raise cash and pay down debt, the company’s CEO told CNBC on Wednesday.

“We may sell more than the $10 billion,” Jim Mulva said in an interview.

So far, Houston-based Conoco has sold $7 billion of oil and gas assets as part of its restructuring aim at paying down debt and improving shareholder value with dividend increases and share buybacks.

Mulva also said that crude oil prices could climb to $95 per barrel heading into 2012, as world economies recover and demand improves.

(Reporting by Anna Driver in Houston; editing by Carol Bishopric)

Conoco CEO says asset sales may top $10 billion