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On December 10, oil giant ConocoPhillips announced that it expects capital spending to fall to US$7.
7 billion next year, a 25% contraction from the expected spending that has already been cut this year.
Operating expenses excluding certain special items are expected to decrease by $500 million, or $7.
7 billion, in 2016 from the $8.
2 billion forecast for this year.
In October, ConocoPhillips announced another cut in its spending plans
for 2015 after reporting a third-quarter loss that exceeded expectations.
At the time, ConocoPhillips expected capital expenditures of $10.
2 billion in 2015, down from the company's previous estimate of $11 billion
.
In addition, ConocoPhillips reduced operating expenses from $8.
9 billion to $8.
2 billion.
In a dedicated statement issued today, ConocoPhillips Chairman and CEO Ryan Lance noted that next year's spending plan epitomizes the company's strategy
of accelerating action over the past year to adapt operating conditions to lower and more volatile energy prices.
ConocoPhillips and other oil majors have recently been cutting costs and lowering capital expenditures in response to the continued low
price of crude oil.
Just yesterday, Chevron projected a capital expenditure plan of $26.
6 billion for 2016, 24%
below this year's capital expenditure forecast.
On December 10, oil giant ConocoPhillips announced that it expects capital spending to fall to US$7.
7 billion next year, a 25% contraction from the expected spending that has already been cut this year.
Operating expenses excluding certain special items are expected to decrease by $500 million, or $7.
7 billion, in 2016 from the $8.
2 billion forecast for this year.
In October, ConocoPhillips announced another cut in its spending plans
for 2015 after reporting a third-quarter loss that exceeded expectations.
At the time, ConocoPhillips expected capital expenditures of $10.
2 billion in 2015, down from the company's previous estimate of $11 billion
.
In addition, ConocoPhillips reduced operating expenses from $8.
9 billion to $8.
2 billion.
In a dedicated statement issued today, ConocoPhillips Chairman and CEO Ryan Lance noted that next year's spending plan epitomizes the company's strategy
of accelerating action over the past year to adapt operating conditions to lower and more volatile energy prices.
ConocoPhillips and other oil majors have recently been cutting costs and lowering capital expenditures in response to the continued low
price of crude oil.
Just yesterday, Chevron projected a capital expenditure plan of $26.
6 billion for 2016, 24%
below this year's capital expenditure forecast.
