ConocoPhillips to Further Reduce Capex, Oil Production
SUGAR LAND--April 17, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Exploration and production company ConocoPhillips (NYSE:COP) (Houston, Texas) says it will make further moves to reduce capital expenditures (capex) and oil production this year. In March, the company announced that it would reduce 2020 capex by $700 million from its original guidance of $6.6 billion and halve its $3 billion-a-year share repurchase program. In an announcement on Thursday, the company said it will reduce capex by a further $1.6 billion, to $4.3 billion, and suspend share repurchases. In addition, ConocoPhillips said it would curtail oil production by about 225,000 barrels per day (BBL/d).
