HOUSTON, March 18 (UPI) -- U.S. energy company ConocoPhillips said it was cutting capital spending by more than 25 percent in order to stay competitive in the low oil price cycle.
The company said spending of $11.5 billion through 2017 was a cut of 28 percent from its earlier expectations. That mirrors announcements from peers ranging from BP to Exxon Mobil, who've all said the low price of oil forced a cut in capital expenses and staff.