Top Story | Capital Markets | Capital Expenditure | Capex - 2026
This Operator Will Chop it's 2026 Rig Count From 34 to 24
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ConocoPhillips is setting up 2026 as a lower-intensity, more efficient operating year — with the clearest proof coming from the Lower 48 activity reset following the Marathon integration. Management described a business that has moved into a level-loaded steady-state development program, where production can be held flat-to-up while activity and spending trend lower.
The Company’s preliminary 2026 framework calls for flat to 2% underlying production growth, alongside lower capital and lower operating costs. ConocoPhillips expects 2026 capex to step down from 2025 levels, while adjusted operating costs are expected to decline to approximately $10.2B, reflecting Marathon synergies and ongoing cost reduction and margin enhancement efforts.
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