ConocoPhillips Slashes Oil Production as COVID-19, Weak Prices Hit $6 Billion in Projects

SUGAR LAND--May 1, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--ConocoPhillips (NYSE:COP) (Houston, Texas) has yet to see the full effect of the COVID-19 pandemic and the recent oil-price plunge in its quarterly results, but the oil and gas giant isn't taking any chances: Following a steep first-quarter net loss, it announced on Thursday it will curtail 230,000 and 420,000 barrels of oil equivalent per day in May and June, respectively, citing weak prices. Industrial Info is tracking more than $21 billion in active projects from Conoco worldwide, including more than $6 billion worth that have been affected by COVID-19.

Within this article: Details on some of the highest-valued Conoco projects to be affected by COVID-19, as well as some of the measures the company is taking to address COVID-19 and low prices in the near term.

Other companies featured: Royal Dutch Shell plc (NYSE:RDS.A), Aker Solutions, National Oilwell Varco Denmark I/S