Search the site...

SOL DE MEDIANOCHE
  • MARCH 2023
  • FEBRUARY 2023
  • JANUARY 2023
  • DECEMBER 2022
  • NOVEMBER 2022
  • OCTOBER 2022
  • SEPTEMBER 2022
  • AUGUST 2022
  • JULY 2022
  • JUNE 2022
  • MAY 2022
  • APRIL 2022
  • MARCH 2022
  • FEBRUARY 2022
  • JANUARY 2022
  • DECEMBER 2021
  • NOVEMBER 2021
  • OCTOBER 2021
  • SEPTEMBER 2021
  • AUGUST 2021
  • JULY 2021
  • JUNE 2021
  • MAY 2021
  • APRIL 2021
  • MARCH 2021
  • FEBRUARY 2021
  • JANUARY 2021
  • DECEMBER 2020
  • NOVEMBER 2020
  • Advertise with us!
  • OCTOBER 2020
  • SEPTEMBER 2020
  • AUGUST 2020
  • JULY 2020
  • JUNE 2020
  • MAY 2020
  • MAR - APR 2020
  • JAN - FEB 2020
  • NOVEMBER 2019
  • SEPTEMBER 2019
  • JULY 2019
  • MAY 2019
  • MARCH 2019
  • FEBRUARY 2019
  • NOVEMBER 2018
  • SEPTEMBER 2018
    • Yes on Salmon
    • Become a citizen
  • JUNE 2018
  • APRIL 2018
  • FEBRUARY 2018
  • DECEMBER 2017
  • SEPTEMBER 2017
  • JULY 2017
  • MAY 2017
  • Spring 2017 - No. 5
  • Winter 2016 - No. 4
  • Fall 2016 - No. 3
  • Summer 2016 - No. 2
  • Spring 2016 - No. 1
  • Contact
  • MARCH 2023
  • FEBRUARY 2023
  • JANUARY 2023
  • DECEMBER 2022
  • NOVEMBER 2022
  • OCTOBER 2022
  • SEPTEMBER 2022
  • AUGUST 2022
  • JULY 2022
  • JUNE 2022
  • MAY 2022
  • APRIL 2022
  • MARCH 2022
  • FEBRUARY 2022
  • JANUARY 2022
  • DECEMBER 2021
  • NOVEMBER 2021
  • OCTOBER 2021
  • SEPTEMBER 2021
  • AUGUST 2021
  • JULY 2021
  • JUNE 2021
  • MAY 2021
  • APRIL 2021
  • MARCH 2021
  • FEBRUARY 2021
  • JANUARY 2021
  • DECEMBER 2020
  • NOVEMBER 2020
  • Advertise with us!
  • OCTOBER 2020
  • SEPTEMBER 2020
  • AUGUST 2020
  • JULY 2020
  • JUNE 2020
  • MAY 2020
  • MAR - APR 2020
  • JAN - FEB 2020
  • NOVEMBER 2019
  • SEPTEMBER 2019
  • JULY 2019
  • MAY 2019
  • MARCH 2019
  • FEBRUARY 2019
  • NOVEMBER 2018
  • SEPTEMBER 2018
    • Yes on Salmon
    • Become a citizen
  • JUNE 2018
  • APRIL 2018
  • FEBRUARY 2018
  • DECEMBER 2017
  • SEPTEMBER 2017
  • JULY 2017
  • MAY 2017
  • Spring 2017 - No. 5
  • Winter 2016 - No. 4
  • Fall 2016 - No. 3
  • Summer 2016 - No. 2
  • Spring 2016 - No. 1
  • Contact

ConocoPhillips to Cut Another $200 Million of Alaska Spending

Picture

April 20, 2020

ConocoPhillips reports another $200 million spending cut for Alaska, this cut adds to those already made, as oil prices fall amid the Covid-19 pandemic.
 
ConocoPhillips made an initial cut in capital spending in March, before announcing another $200 million cut earlier this week in response to the large oil price drop worldwide. We expect prices in the coming months to be weak and volatile," confirmed Chief Executive Officer (CEO) Ryan Lance to the Alaska Journal of Commerce.
 
The price of Alaska North Slope crude fell to$16.65 per barrel last Wednesday, the lowest price since January 2002, the Alaska Treasury Department confirmed.
 
The statement is released a week after the Houston-based company told its drilling contractor North Slope Doyon Drilling, which in turn removed its staff and drilling equipment to reduce the risk of Covid-19 contagion among workers, this means that drilling rigs will stop working and put on storage for a long period of time.
 
ConocoPhillips is bracing for a negative impact of approximately 2,000 barrels per day to the North Slope, as a result of low drilling for the remainder of 2020.
 
"Plans to drill seven exploration wells at the Alaska National Petroleum Reserve this winter are in the past, for now," the company's leaders said.  It is unclear what will happen to the short-term development projects.
 
ConocoPhillips is one of the leading oil companies operating in Alaska. In 2019, it spent about $1.5 billion on capital projects in the state.
 
Across the company, ConocoPhillips has limited spending by $5 billion from previous expectations since the beginning of March and plans to reduce crude oil production by about 225,000 barrels per day in the remaining 48 states of the United States and Canada.
 
"We continue to monitor the market situation, for now, based on our current perspective, we chose to maintain the organization's capacity so that we can resume programs in the future," company spokesman John Roper said.  


By Sol de Medianoche ​

PROUDLY POWERED BY SOL DE MEDIANOCHE NEWS, LLC.
Sol de Medianoche is a monthly publication of the Latino community in Anchorage, Alaska