Conoco Phillips To Continue With $10 Billion Restructuring Plan Without Selling Holding In Lukoil (COP. LUKOY)

Conoco Phillips CE (NYSE: COP) , Jim Mulva announced a $10 billion restructuring plan which does not include the sale of their stake in Russia’s OAO Lukoil (OTC: LUKOY) Holdings. In a conference call, Mulva explains that they will maintain our strategic relationship with Lukoil.

The plan however does include selling their stake in Syncrude Oil Sands Project in Canada as well as their Natural Gas assets in Canada. In the same conference call, Conoco announced that they are looking for partners to work on their Gulf of Mexico Properties with.

If the restructuring succeeds and they are able to reduce debt to capital ratio to their target of 25% from the 33% they currently have then they would probably reinstate their Share buy back program.