ConcopPhillips suspends share buybacks, pulls guidance and announces further spending cuts [MarketWatch]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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conocophillips.com/investor-relations/investor-presentations
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Source: MarketWatch
ConocoPhillips said Thursday it is taking another series of measures to combat a falling oil price and weak demand during the coronavirus pandemic. The oil major said it is making further capital, operating cost and share buyback reductions of $3 billion and suspending its buyback program for now. The company is cutting its 2020 capex budget by another $1.6 billion, reducing it to $4.3 billion, down 35% from its original plan. It is cutting operating costs by another $600 million, or about 10% of its initial guidance for 2020. The company is cutting production in Canada and the Lower 48 regions until market conditions improve. "These actions reflect our view that near-term oil prices will remain weak, largely due to demand impacts from COVID-19 and continued oil oversupply," the company said in a statement. By May, it is cutting production by about 100,000 barrles of oil a day to 35,000 barrels of day gross. The company said its 2020 financial guidance can no longer be relied on. Shar
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COP
Earnings
- 11/6/25 - Beat
COP
Sec Filings
- 12/3/25 - Form 4
- 11/18/25 - Form 4
- 11/18/25 - Form 4
- COP's page on the SEC website