ConocoPhillips Cuts Capex to $5.7 Billion, Revenue Falls 37% for First-Quarter 2016

SUGAR LAND--April 29, 2016--Researched by Industrial Info Resources (Sugar Land, Texas)--Oil & Gas Production giant ConocoPhillips Company (NYSE:COP) (Houston, Texas) announced on Thursday that it slashed its 2016 capital spending budget to $5.7 billion from the already lowered amount of $6.4 billion that was announced in February. During the first-quarter earnings conference call, the firm said it cut capital expenditures again this year due to reduced deep water exploration activity and low crude prices. ConocoPhillips' total revenue fell 37% from the same period of 2015 to $5.02 billion. Industrial Info is tracking 129 active ConocoPhillips projects worth $83.31 billion. Within this article: Lists two Canadian ConocoPhillips projects that Industrial Info is tracking.