Deals
Oil Giants Pledge Even Deeper Spending Cuts Amid Prolonged Slump
- Chevron, ConocoPhillips focus on quicker, lower-risk projects
- Petrobras CEO sees asset sales as key to lowering debt
A Topsy-Turvy Year for Crude Oil Spreads
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Some of the biggest oil explorers in the Western Hemisphere are cutting budgets yet again to conserve cash as a plunge in energy markets shows no signs of abating.
ConocoPhillips will reduce capital spending by 25 percent next year to $7.7 billion to protect the highest dividend yield among major U.S. oil producers, the Houston-based company said Thursday. That came a day after Chevron Corp. disclosed a 2016 budget 24 percent smaller than this year’s plan. Together, the cuts by both companies totaled $10.9 billion, enough to rent 10 deepwater drilling rigs every day for more than half a decade.