ConocoPhillips says it will spend $11.2 billion on capital projects in 2010, a 10 percent drop from estimated 2009 spending.
The nation’s third-largest oil company previously said it would cut capital expenditures and sell off assets to help pay off debt and improve its cash position amid sagging profits.
About 86 percent of the capital program will support ConocoPhillips’ exploration and production segment, while its hard-hit refining and marketing segment represents about 12 percent of the program, the company said. (AP)
