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ConocoPhillips is revising for a second time its capital spending budget for 2020. At the same time the company is cutting oil production and suspending a share repurchase program.

 

Eighteen years after Phillips merged with Conoco and moved its headquarters from Bartlesville to Houston, the company said the actions are in response to the oil market downturn and come on top of spending cuts already announced in mid-March.

 

The company tells okenergytoday.com the curtailment of production is already underway in Canada where production will be cut an expected 100,000 barrels of oil a day to 35,000 barrels of oil a day.

 

Cutbacks in the U.S. will begin in May where the company plans to curtail about 125,000 barrels of oil a day. The company explained the curtailment decisions will be on a month-to-month basis and subject to operating agreements and contractual obligations.