ConocoPhillips Withdraws Earnings Guidance, Plans Cuts During Covid-19 Crisis

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)

ConocoPhillips (NYSE:COP)
Historical Stock Chart
From Mar 2024 to Apr 2024