Conoco slashes 2010 capex spending; plans $10 billion asset sale

摘要

ConocoPhillips said Thursday that it will cut its capital spending plans by 12% next year. The Houston-based company will also sell $10 billion in assets as part of an effort to tighten its belt and strengthen its balance sheet after a series of growth-orientated acquisitions earlier this decade left the US supermajor more exposed than its rivals when energy prices slumped last year.