(MENAFN) US energy corporation ConocoPhillips announced cutting its capital spending budget by 20 percent next year in response to the falling crude oil price, Xinhua reported.
The company will spend USD13.5 billion producing and looking for oil and gas in 2015, compared to USD16.7 billion this year, according to the third largest US oil producer following ExxonMobil and Chevron.
Previously, ConocoPhillips said it would spend less than its previous goal of USD16 billion in capital expenses for 2015. But the new budget was even lower than some analysts were expecting.
"We are setting our 2015 capital budget at a level that we believe is prudent given the current environment," chairman and chief executive officer of the Houston-based company said.
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