Energy & Science
Conoco Slashing North American Output in Biggest Oil Cutback
- Company halts fracking as global pandemic hammers oil demand
- Texas-based crude explorer warns reductions may not be over
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ConocoPhillips is slashing more than one-fourth of its North American production and halting all U.S. fracking in the continent’s largest pandemic-related oil cutback to date.
The dramatic retrenchment in the company’s biggest-producing region accompanies deep spending reductions and a suspension of Chief Executive Officer Ryan Lance’s prized share-buyback program. Conoco stock fell 3.2% at 11 a.m. in New York trading on a day when oil futures lingered near an 18-year low.