Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020 | Curtailment/Shut-In
Conoco Axes Further $1.6B from 2020 Capex; Curtails 200 MBOEPD in Production
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ConocoPhillips is taking further actions to respond to the oil market downturn.
This is in addition to the changes made on March 18, 2020 (when it cut its budget by 10% (or $700MM).
2020 Capex Cut Again - Down 35% from Original Plan- New 2020 Capex: $4.3 billion (down 35% from $6.6 billion originally planned)
New reduction of $1.6 billion - this, plus the prior $700 million reduction (March 2020) adds up to a total spending decrease of $2.3 billion (or down 35% from original plan) Reductions will be primarily focused on Lower 48, Alaska and Canada areas Conoco also expects reduction in operating costs of approximately $0.6 billion, representing roughly 10% of the initial 2020 guidance. This brings the current estimate to $5.3 billion. Curtails Production by 200,000 BOEPDConoco…
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