ConocoPhillips to cut 2020 capex by 10%, rein development and slow share buybacks [MarketWatch]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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Source: MarketWatch
ConocoPhillips to cut 2020 capex by 10%, rein development and slow share buybacks ConocoPhillips COP, -5.68% said Wednesday it is cutting its 2020 capital budget by 10%, or about $700 million, as it works to adjust to steep falls in crude prices. The reduction will be achieved by reining in development activity and deferring drilling in Alaska. The reductions are expected to impact 2020 full-year production guidance by about 20 thousand barrels of oil equivalent per day (MBOED). The company will also scale back its stock repurchase program to a run rate of $250 million starting in the second quarter from a previous run rate of $750 million. Combined, the moves are expected to reduce 2020 cash use by $2.2 billion. "Our industry is clearly experiencing an unprecedented event brought about by simultaneous supply and demand shocks," Chief Executive Ryan Lance said in a statement. "The actions we are now taking reflect an acknowledgement of current events as well as uncertainty around t
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COP
Earnings
- 10/31/24 - Beat
COP
Sec Filings
- 11/4/24 - Form 4
- 11/4/24 - Form 4
- 10/31/24 - Form 10-Q
- COP's page on the SEC website