© Reuters. Logos of ConocoPhillips are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba© Reuters. Logos of ConocoPhillips are seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba

NEW YORK (Reuters) – ConocoPhillips (N:COP), the largest U.S. independent oil and natural gas producer, said on Wednesday it would spend $5.5 billion annually for the rest of the decade on capital projects as long as oil prices (CLc1) stay above $50 per barrel.

The Houston-based company also said it expects to pay off more than $4.6 billion of debt by 2020, reducing its debt load to $15 billion. Continuing a theme of focusing on profits and not production, ConocoPhillips said it would generate a 20 percent cash return on capital employed by the end of the decade.

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