ConocoPhillips To Reduce 2020 Cash Uses By $2.2 Bln - Quick Facts

(RTTNews) - ConocoPhillips (COP) announced several actions in response to the recent oil market downturn. The company's 2020 operating plan capital expenditures will be reduced by $0.7 billion, a 10 percent decrease from prior guidance. The 2020 planned share repurchase program will be reduced to a quarterly run rate of $250 million beginning in the second quarter, from the previous run rate of $750 million. On a combined basis, these actions represent a reduction in 2020 cash uses of $2.2 billion.

ConocoPhillips expects the announced reductions to impact 2020 production guidance by approximately 20 thousand barrels of oil equivalent per day.