Conoco is executing a plan, first announced in late 2009, to increase shareholder value through debt reduction, stock buybacks and increased dividends.

The Houston company first said it would shed $10 billion of its oil and gas properties, but on Wednesday said it planned to sell an additional $5 billion to $10 billion in assets over the next two years.

So far, Conoco has sold assets in sales that have generated $7 billion.

The company also sold its 20 percent stake in Russian oil major LUKOIL for $8.3 billion.