Conoco cuts 20%

In the most significant response yet to the recent drop in oil prices, ConocoPhillips is budgeting a 20 percent reduction in capital spending in Alaska for this coming year.

The reductions are not expected to impact major programs or exploration drilling, though, and ConocoPhillips has not yet determined whether a staffing cut will extend to Alaska.


On Jan. 16, the Houston-based oil company unveiled a $12.5 billion capital-spending program for 2009, an 18 percent reduction from the $15.3 billion budgeted for 2008.

Although ConocoPhillips did not give a dollar amount for the spending planned in Alaska, spokeswoman Natalie Lowman said the company expects it to be