Conocophillips to voluntarily curtail 225,000 gross barrels of oil per day

Conocophillips to voluntarily curtail 225,000 gross barrels of oil per day; reduces 2020 cash uses by additional $3 billion for total reduction of over $5 billion.conocophillips - additional reduction in 2020 operating plan capital expenditures of $1.6 billion, bringing current estimate to $4.3 billion.conocophillips - company's share repurchase program has been suspended.conocophillips - by may, company expects to reduce production by approximately 100,000 barrels of oil per day gross to 35,000 bod gross.conocophillips - previous 2020 guidance items should not be relied upon and further guidance will be suspended.conocophillips - reducing in operating costs of approximately $0.6 billion, representing roughly 10 percent of initial 2020 guidance.conocophillips - it will elect to curtail production in canada and the lower 48 regions until market conditions improve.conocophillips - with today's actions co has exercised total of over $5 billion of flexibility compared to 2020 plan.conocophillips - "announced our intention to defer production where we have a compelling economic reason to do so".conocophillips - at surmont, co is currently cutting back production due to low western canada select prices.
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