ConocoPhillips said on Thursday it aims to cut capital and operating costs by $1 billion in 2026, after the U.S. oil and gas producer missed Wall Street estimates…
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ConocoPhillips said on Thursday it aims to cut capital and operating costs by $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.
Benchmark Brent crude LCOc1 prices averaged at $63.13 a barrel during the October-December quarter, 11.3% lower than a year earlier, as concerns about oversupply and tariffs outweighed geopolitical risks.
ConocoPhillips' production for the reported quarter was 2.32 million barrels of oil equivalent per day (boepd), compared with 2.18 million boepd a year ago.
Although the company achieved higher production levels and tighter cost controls following the $22.5 billion acquisition of Marathon Oil in 2024, it still faced challenges due to weaker energy prices.
CEO Ryan Lance said the cost-reduction push builds on more than $1 billion in run-rate synergies captured in 2025 following the integration of Marathon Oil, as the company sharpens its focus on capital efficiency.
A fall in oil prices has put ConocoPhillips and its rivals under pressure, forcing them to cut staff, curb
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