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Conoco to spend less in 2015, below $16 billion

Reuters

HOUSTON (Reuters) - ConocoPhillips (COP.N) plans a capital budget below $16 billion next year and will defer spending on some of its less-developed areas, including the Permian Basin and Western Canada, if crude oil prices continue to slide, the company said on Thursday.

"Beginning in 2015 capital in our major projects begins to taper off," Ryan Lance, Conoco's chief executive officer told investors on a conference call. "We have significantly more flexibility of ramp up or down our capital as circumstances dictate."

The planned budget cuts will not affect the company's ability to achieve its goal to grow production 3 percent to 5 percent per year, Conoco said.

The year, the Houston company is on track to spend $16.7 billion.

(Reporting by Anna Driver; Editing by Terry Wade)