Oil Crash Comes Home To Roost: ConocoPhillips To Slash 2015 CapEx By 20%
by Tyler Durden
ZeroHedge.com
12/08/2014
With every single hollow chatterbox repeating that crashing oil prices are “unambiguously good” it is clearly the case that the opposite is true. And sure enough, the first indications that the crude price crash is about to lead to some serious pain in the US came first yesterday from BP, which announced over the weekend that it would “slash 100s of mid-level supervisor jobs” around the globe, and moments ago, from ConocoPhillips, which added that as a result of plunging oil prices, it would slash its 2015 spending budget by a whopping 20%, cutting off some $3 billion in capital spending mostly involving “less developed project: spending which for those who remember their GDP calculation, means a proportional reduction in the US Gross National Product.
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