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The biggest hurdle during the quarter was the low price of crude, the company said in a statement released early Thursday.
Oil prices may rebound, but volatility is here to stay, ConocoPhillips CEO Ryan Lance predicted Monday.
“We shouldn’t lift sanctions on Iranian oil while we are keeping sanctions on American oil,” Sen. Lisa Murkowski told energy executives at IHS Energy CERAWeek. “It makes no sense.”
Oil companies keeping thousands of barrels of crude off the market by drilling but not completing wells may soon start flooding the market again.
Flexible spending and disciplined growth will help ConocoPhillips meet its 2017 goals, executives said Wednesday.
Details on the sale from the Houston-based company will be provided in the second quarter, according to Scotiabank.
So far, most of the congressional debate on crude exports has focused on the economics of the issue, but former Amb. Carlos Pascual’s comments amplify geopolitical concerns with the longstanding trade restrictions for oil.
The Houston-based independent said the layoffs will affect 7 percent of the company’s Canadian workforce.
The largest independent producer of oil and gas had been signalling plans to spend an average of $16 billion per year, but earlier this year, the company whittled its 2015 capital expenditure budget by $2 billion to $11.5 billion.
A Houston federal judge threw out the claims last year after finding Mexico’s national oil company waited too long to pursue U.S. buyers of its stolen natural gas liquids.