ConocoPhillips (NYSE: COP), the third-largest U.S. oil company, detailed its plan to sell $10 billion in assets today, which includes the sale of half the company's stake in Russia's Lukoil, the second-largest oil company in that country. Texas-based ConcoPhillips expects to sell about $5 billion in assets this year and the remainder next year as part of the company's plan to raise cash and shore up its balance sheet.

The company is also reducing output to lower costs and boost profitability. Conoco is reducing its crude oil refining capacity to 2 million to 2.2 million barrels a day in 2012 from 2.7 million bpd in 2009, according to Reuters.

The company is likely to sell part of its Lukoil stake, which is worth $4.9 billion, to Lukoil itself and that may result in a price that isn't as high as Conoco would like to see.

The good news is that Conoco will boost its annual dividend 10% to $2.20 a share, giving the stocks a yield of around 3.7%. No timeframe was announced for the new dividend. Conoco also said it will repurchase $5 billion of its own shares.

Those are positives to be sure, but it doesn't hide the fact that Conoco's balance sheet is highly leveraged compared to other major integrated oil companies and the company's production and profits have also trailed similar numbers from rivals.

Among integrated oil names, we continue to prefer BP (NYSE: BP), a recent addition to the Dividend Genius portfolio.

BP, Europe's largest oil company, is among the best-run major oil companies and is finally establishing a strong footprint in Brazil. BP offers a 5.8% yield and a better dividend in dollar terms than ConocoPhillips does.