ConocoPhillips: reduces oppex and share buybacks

(CercleFinance.com) - In response to recent turmoil in the oil market, ConocoPhillips announces that it will cut its opex for 2020 by 700 million dollars, or 10% relative to its previous forecast.


In addition to this reduction, which should reduce its planned production by around 20,000 barrels of oil equivalent per day this year, the group will reduce its rate of quarterly share repurchases from 750 million to 250 million dollars from the second quarter.

Together, these measures should enable the oil company to reduce its cash burn in 2020 by around 2.2 billion dollars, with a limited impact on its production capacity.


Copyright (c) 2020 CercleFinance.com. All rights reserved.