10.12.2015 - ConocoPhillips will reduce costs by 25%
The American corporation ConocoPhillips, which is engaged in the exploration and production of oil and gas announced its intention to reduce capital and operating expenses in connection with the negative situation on the world commodity markets. Thus, the budget of $ 7.7 billion in 2016 will be cut by 25% compared with this year, and 55% less than in 2014. The company also announced its intention to sell the assets by 2.3 billion dollars. Shares of the company fell by 30% per year and may continue to decline by another 10-12% in the near future.