ConocoPhillips Chairman and Chief Executive Officer Ryan M. Lance (C) rings the closing bell at the New York Stock Exchange (NYSE), February 27, 2013. REUTERS/Brendan McDermid/File Photo

(Reuters) - ConocoPhillips COP.N, the largest U.S. independent oil producer, said it was looking to raise $5 billion to $8 billion from the sale of assets, particularly natural gas-producing operations in North America.

The company, which is attempting to shore up its balance sheet after a steep slide in oil prices that began in mid 2014, also said it would buy back $3 billion of its stock.