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Company News

ConocoPhillips to curtail production, suspend buybacks

April 16 (Reuters) - ConocoPhillips said on Thursday it would curtail gross production by 225,000 barrels of oil per day, suspend its share repurchase program and further cut its capital spending to weather a rout in oil prices.

The company said it was currently cutting back production due to low prices for Canadian crude and expects to reduce production at its Surmont oil sands facility in Canada by about 100,000 barrels of oil per day (bpd).

ConocoPhillips plans to begin curtailing production across 48 U.S. states from May, with an initial cutback of 125,000 bpd. (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

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