- ConocoPhillips (NYSE:COP) expects to maintain its capital expenditure for the next three years, after cutting its 2015 capital budget by $2B to $11.5B earlier this year to due lower oil prices, CEO Ryan Lance says.
- COP, which is focusing on the Eagle Ford shale in Texas and North Dakota's Bakken shale, has said it would also spend less on major projects, many of which are nearing completion, and is preparing to sell non-core U.S. oil and gas producing acreage.
- Lance also joins peers including Harold Hamm and John Hess in calling on the U.S. government to lift the ban on crude exports, saying COP “could be a stable supplier of crude to the global markets... If you want to reduce the cost of gasoline to U.S. consumers, put oil into the market to stabilize the global price."