ConocoPhillips, the third-biggest oil company in the US, on Wednesday announced plans to sell $10bn worth of assets over the next two years and cut its 2010 capital spending by $1.5bn as it seeks to rebuild investor confidence.

Conoco said the asset sales may include oil and natural gas properties, as well as refineries. It plans to use the proceeds to cut its debt, accelerating a return to its stated target debt-to-capital ratio of 20-25 per cent.