ConocoPhillips Withdraws Earnings Guidance, Plans Cuts During Covid-19 Crisis
April 16 2020 - 9:34AM
Dow Jones News
By Matt Grossman
ConocoPhillips withdrew its earnings guidance for 2020,
suspended share repurchases and cut costs and spending as it reacts
to a downturn in the oil market.
The Houston-based company said Thursday it will reduce its 2020
capital expenditures by an additional $1.6 billion, bringing the
total estimated reduction to $2.3 billion. That reduction brings
planned expenditures 35% below previous 2020 guidance.
ConocoPhillips also will cut operating costs by an additional
$600 million, it said, a decrease of 10% compared with initial
guidance.
Production will be curtailed by about 200,000 barrels of oil
equivalent per day, including cuts planned for U.S. and Canadian
facilities beginning next month.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 16, 2020 09:19 ET (13:19 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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