ConocoPhillips First in Big Oil to Cut Spending on Price Dip

ConocoPhillips became the first major oil company to announce plans to reduce spending due to falling crude prices as drilling in some emerging North American fields becomes less profitable.

The third-largest U.S. energy producer can meet its target to boost production by as much as 5 percent a year even as it reduces annual spending to below $16 billion, Chairman and Chief Executive Officer Ryan Lance told investors today. U.S. oil prices have declined 24 percent from a high of $107.26 a barrel in June because of increased North American supplies and reduced global demand forecasts.