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ConocoPhillips Expects $10 Billion of Asset Sales in 2012

ConocoPhillips, the U.S. oil producer that plans to spin off its refining business this year, said it will sell an estimated $10 billion of assets in 2012, the high end of its forecast.

Most of the sales will be related to exploration and production this year, Chairman and Chief Executive Officer Jim Mulva said during a meeting with analysts and investors today.