(Reuters) – U.S. oil and gas company ConocoPhillips said on Thursday it would sharply reduce oil production in coming weeks, aiming to shut in 35% of its total output by June amid weak energy prices that led to a loss of $1.7 billion in the first quarter.
FILE PHOTO: The logo for ConocoPhillips is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid
The world’s largest independent oil and gas producer, which reduced its 2020 production forecast two weeks ago, plans to curtail output by a further 40,000 barrels per day (bpd) in May and bring its total cuts to 460,000 bpd by June, lopping off more than a third of what it pumped last year.
The figure includes significant reductions in the company’s Alaska oil and gas production.
Crude prices have crashed in the past six weeks as the coronavirus outbreak hit demand and a price war broke out between Russia and Saudi Arabia, prompting companies to…
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