ConocoPhillips Cuts Back on Capital Spending, Prepares for Long Haul of Low Oil Prices
SUGAR LAND--July 28, 2017--Researched by Industrial Info Resources (Sugar Land, Texas)--ConocoPhillips (NYSE:COP) (Houston, Texas) became the latest in what could be a long line of oil producers to slash capital spending in response to stubbornly low oil prices. The company took its full-year spending plans down from last quarter's $5 billion estimate to $4.8 billion, after second-quarter results showed its net loss more than tripling to $3.4 billion from the same period last year. Nonetheless, executives and investors believe the tightened spending ultimately bodes for a better near-future. Industrial Info is tracking nearly $52 billion in active projects involving ConocoPhillips.
Within this article: Details on the status of some of ConocoPhillips' most anticipated projects, including Australia Pacific LNG, the Alpine Oil & Gas Plant in Alaska, and the North Sea's Ekofisk Field.
