ConocoPhillips (COP) has a lot more than profit riding on oil prices.

The largest U.S. independent oil and natural gas producer said Wednesday, Nov. 8, that it will spend $5.5 billion on capital projects annually for the rest of the decade as long as oil prices remain above $50 per barrel.

ConocoPhillips said it will generate a 20% cash return on capital employed by the end of the decade. These plans for investment come as the company's latest move in a bid to focus more on profit than on production.

The company said in the same statement that it expects to pay off more than $4.6 billion of debt by 2020, which would slash its total debt load to $15 billion.

WTI crude oil futures were slightly lower early Wednesday, down 0.68% to $56.82. ConocoPhillips stock slid 0.15% to $53.42 Wednesday morning.

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