ConocoPhillips culls production after US$1.7 billion loss

CONOCOPHILLIPS chief executive Ryan Lance started his first quarter speech this morning describing the oil market as a “brave new world” for the entire industry, amid the global economic downturn and recent oil price crash.

ConocoPhillips culls production after US$1.7 billion loss ConocoPhillips culls production after US$1.7 billion loss ConocoPhillips culls production after US$1.7 billion loss ConocoPhillips culls production after US$1.7 billion loss ConocoPhillips culls production after US$1.7 billion loss

 

This morning Conoco announced huge cuts to its production over the next two months as it grapples with a changing market environment which left the company with a US$1.