On January 29th, ConocoPhillips announced fourth quarter results for the 2014 and updated its capex plans for the coming year. Though production is expected to remain high, 2015 projections include a cut in spending for the Eagle Ford.
Plummeting oil prices took its toll during the final months of 2014 with the company reporting a Q4 net loss of $39 million compared with 2013 Q4 earnings of $2.5 billion. Though oil prices have shown some sign of recovery, the company continued to show caution by reducing its expected 2015 capital expenditures to $11.5 billion since its last adjustment in December. Compared to 2014 number, this represents a ~33% reduction in spending.
The biggest cut will be a $1.4 million reduction in spending for development as the company plans to reduce a total of six rigs in the Eagle Ford in 2015.
ConocoPhillips highlights that the Eagle Ford and Bakken combined production increased by 35 percent year-over-year and they are confident that their decisions will help them ride out the current storm.
Read more at conocophillips.com