ConocoPhillips (COP) to Voluntarily Curtail 225,000 Gross Barrels of Oil Per Day
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ConocoPhillips to Voluntarily Curtail 225,000 Gross Barrels of Oil Per Day; Reduces 2020 Cash Uses by Additional $3 Billion for Total Reduction of Over $5 Billion
April 16, 2020 8:30 AM EDTHOUSTON--(BUSINESS WIRE)-- ConocoPhillips (NYSE: COP) announced today that it is taking further actions to respond to the oil market downturn. These follow initial actions announced on March 18.
In March we exercised $2.2 billion of flexibility via reductions in both our planned 2020 capital spending and share repurchases, said Ryan Lance, chairman and chief executive officer. At that time, we stated we would continue to monitor the market and exercise additional flexibility, if warranted. Today we are announcing further capital, operating cost and share repurchase reductions of $3 billion. We also announced our intention to defer... More
