ConocoPhillips CEO Ryan Lance
(Bloomberg) — ConocoPhillips became the latest U.S. oil explorer to cut spending after a drop in crude prices below $60 a barrel this year.
The Houston-based oil giant cut its spending outlook by 3.5% to $12.45 billion, when taken at the midpoint of its guidance range, while leaving its production view unchanged, it said Thursday in a statement announcing first-quarter results.
“Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders,” said Chief Executive Officer Ryan Lance in a statement.
West Texas Intermediate, the U.S. oil benchmark, has fallen about 18% this year and remained below $60. Oil bosses in the US said in a survey conducted by the Federal Reserve Bank of Dallas that they need an average oil price of $65 to make a profit.
