ConocoPhillips cuts capital budget amid lower oil prices – Houston Business Journal

Amid falling oil prices, ConocoPhillips (NYSE: COP) said Dec. 8 its capital budget for 2015 is $13.5 billion, down about 20 percent from its 2014 budget of $16.7 billion.The Houston-based company said the decrease reflects reduced spending on major projects, several of which are nearing completion, and deferred spending on North American unconventional plays. However, it expects production to grow 3 percent next year from continuing operations, excluding Libya.

via ConocoPhillips cuts capital budget amid lower oil prices – Houston Business Journal.

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