ConocoPhillips to reduce capex, output and share repurchase program
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March 18 (Reuters) - U.S. oil producer ConocoPhillips said on Wednesday it will cut 2020 capital budget, production and reduce its share repurchase program due to weak oil prices.
ConocoPhillips, which became the latest oil producer to revise its budget, said it will lower its spending by about 10%. That and a cut in its share repurchase program will reduce 2020 cash uses of $2.2 billion.
These reductions are expected to hit 2020 full-year production outlook by about 20 thousand barrels of oil equivalent per day (mboepd), the company said. (Reporting by Arunima Kumar in Bengaluru; editing by Uttaresh.V)
