ConocoPhillips and other U.S. oil producers are cutting back costs amid tariff woes and weak crude prices, but they’re only making modest reductions for now to maintain flexibility and to avoid losing too many of their experienced drilling and fracking crews.
ConocoPhillips, the largest independent oil and gas producer in the U.S., said May 8 it would cut its 2025 capital expenditures by 3.5% down to a midpoint guidance of $12.45 billion—a reduction of $450 million. That meshes with other key oil producers reporting their earnings this week that cut capex anywhere from 2.5% to 10%.
