ConocoPhillips (NYSE: COP) will sell up to $8 billion in natural gas assets and trim its capital budget by 4% next year to provide funds to bolster operations, the Houston-based company said on Nov. 10.

The moves highlight not only the energy industry's increasing push for efficiency gains that reduce the cost of drawing oil and natural gas from the earth but also low commodity prices, which have hampered ConocoPhillips and its peers over the past two years.

Shares of ConocoPhillips, which is the largest U.S. independent oil producer, were up 1% at $46.20 in premarket trading. They had fallen about 2% this year.

The asset sale alone reflects a bold move by CEO Ryan Lance to reduce the company's $28.7 billion debt load.

ConocoPhillips plans to sell $5 billion to $8 billion in North American natural gas assets, a divestiture that is massive in its size and scope. For example, Chesapeake Energy Corp. (NYSE: CHK), the second-largest U.S. natural gas producer, has a $5 billion market valuation.

The spending reduction comes after ConocoPhillips more than halved its budget last year. Indeed, its 2015 capex had eclipsed $10 billion.

"We've reset virtually every aspect of the business—our capital program, our cost structure and our portfolio—during the recent industry downturn," Lance said in a statement.

Lance said the spending cuts, asset sales and other steps should help the company be profitable with Brent oil prices of $50 per barrel. Brent traded at $46.18 on Nov. 10.

Most of the budget next year will be spent on shale projects in the contiguous U.S., with some focus on Alaska and Europe, as well as maintenance of existing operations.

The spending should result in 2017 production of 1.54 million to 1.57 million barrels of oil equivalent per day, which would be a slight increase from estimated 2016 output, executives said.

The company also announced a $3 billion share repurchase program. It was not immediately clear when the buybacks would start.

Analysts at Tudor, Pickering & Holt said they had expected less focus on buybacks and more on dividend increases, but would wait for more details when ConocoPhillips hosts analysts and investors on Nov. 10 at a presentation in New York.