Conoco units annual spending at $5.5 billion by means of 2020 – tech2.org

Conoco units annual spending at $5.5 billion by means of 2020

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  • ConocoPhillips buys Burlington Resources for $35.6 billion. Photo: F. Carter Smith, COURTESY PHOTO



Photo: F. Carter Smith, COURTESY PHOTO

ConocoPhillips buys Burlington Resources for $35.6 billion.

ConocoPhillips buys Burlington Resources for $35.6 billion.


Photo: F. Carter Smith, COURTESY PHOTO

Conoco units annual spending at $5.5 billion by means of 2020


ConocoPhillips will spend $5.5 billion yearly within the oil patch by means of the top of the last decade if U.S. crude costs keep above $50 a barrel, it mentioned Wednesday.

The Houston oil producer’s three-year working plan known as for chopping debt to $15 billion by 2019 and repurchase $7.5 billion in shares by means of 2020.

The firm mentioned it minimize prices this 12 months and tried to make operations worthwhile at decrease oil costs. It mentioned it introduced its break-even worth to $40 a barrel.


“We want to be the company that can attract and retain capital to this sector by offering superior returns to shareholders through cycles,” Conoco CEO Ryan Lance mentioned in an announcement.

Related: Conoco swings to revenue in third quarter

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