ConocoPhillips Cuts Capex Amid Intractable Oil Rout

Thursday, December 10, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
12/10/2015

It’s a bad time to be in the commodities business. Crude is in a veritable tailspin as an increasingly disjointed OPEC ramps production to three-year highs and thanks to a worldwide deflationary supply glut, the Bloomberg commodities index is sitting near its lowest levels of the 21st century portending doom and gloom for prices across the entire commodities complex. On Thursday, we get the latest round of desperate cost saving measures as oil major ConocoPhillips slashes capex by some 25% and looks to raise $2.3 billion from asset sales.

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