ConocoPhillips cuts more production, other spending to save another $3B

Houston-based ConocoPhillips (NYSE: COP) is taking steps to save an additional $3 billion this year on top of the $2.2 billion worth of cuts announced in March.

The energy giant will reduce its 2020 operating plan capital expenditures by $1.6 billion, according to an April 16 press release. That brings ConocoPhillips’ current capex plan to $4.3 billion, down about 35 percent from the original 2020 guidance.

Those cuts are primarily coming from Lower 48, Alaska and Canada areas where the company…


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