ConocoPhillips Aims to Spend $5.5 bln/year
ConocoPhillips said it would spend $5.5 billion annually for the rest of the decade on capital projects as long as oil prices stay above $50 per barrel.
The Houston-based company also said it expects to pay off more than $4.6 billion of debt by 2020, reducing its debt load to $15 billion. Continuing a theme of focusing on profits and not production, ConocoPhillips said it would generate a 20 percent cash return on capital employed by the end of the decade.
Reporting by Ernest Scheyder