ConocoPhillips makes $2B cut to spending, share repurchases amid low oil prices

ConocoPhillips (NYSE: COP) is the latest major Houston-based upstream company to slash spending amid the oil price crash.

Cutting capital expenditures and share repurchases is expected to save ConocoPhillips a total of $2.2 billion, according to a March 18 press release.

The company will reduce its previously announced 2020 operating capital expenditures plan by $700 million, a roughly 10 percent decrease. Previously, ConocoPhillips said it planned to spend $6.5 billion to $6.7 billion in 2020,…

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