Beverly Hills 12/3/2009 3:16:29 AM
News / Business

ConocoPhillips Cutting Capital Expenditures by 10 Percent

Finance World News Update by EQUITIES Magazine

The third-largest oil company in the United States, ConocoPhillips, announced today that will spend $11.2 billion on capital projects. In a ten percent drop from its 2009 spending estimate, the company is making the cut to help pay off debt and improve its cash position.

 

While its hard-hit refining and marketing segment represent about 12 percent of the program, the remaining 86 percent will support ConocoPhillips’ exploration and production segment.

 

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