ConocoPhillips targets US$1 billion cost cut in 2026 after quarterly profit miss
BNN Bloomberg
ConocoPhillips said on Thursday it aims to cut capital and operating costs by US$1 billion in 2026, after the U.S. oil and gas producer missed Wall Street estimates for fourth-quarter profit due to weaker crude prices.
Oil producers have been under mounting pressure from falling prices, prompting efforts across the sector to rein in spending, scale back drilling and cut headcount.
CEO Ryan Lance said the cost-reduction push builds on more than $1 billion in run-rate synergies captured in 2025, following the $22.5 billion acquisition of Marathon Oil.
“We’re focused on driving a $1 billion reduction in our capital and costs in 2026, while returning 45 per cent of our cash from operations to shareholders,” Lance said.
The largest independent U.S. oil and gas producer said it closed $3.2 billion in asset sales in 2025 and remains on track to meet its $5 billion disposition target by the end of 2026, as it streamlines its business.
ConocoPhillips said last year it planned to reduce its workforce by 20% to 25% as part of a broader restructuring.
Relief is ripping through financial markets after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war, despite Iran’s denials.
Asset management giant BlackRock’s CEO Larry Fink urged clients to stay invested despite ongoing market volatility, and highlighted that artificial intelligence is reshaping investment strategies and the broader economy.
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Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.