NEW YORK (TheStreet) -- Shares of ConocoPhillips (COP) - Get Report are down 1.12% to $61.70 in midday trading Tuesday, as U.S. crude futures hit a fresh six year-low level of $42.63 a barrel earlier today, amid a global supply surplus.

WTI crude prices are trading in the red for the sixth straight session, down 1.87% to $43.05 a barrel as of 10:52 a.m. ET today, while Brent for April delivery is similarly down 2.02% to $52.85 a barrel.

Oil prices are declining on the rising U.S. crude stocks, the rise in production in Libya, and the possible deal with oil producer Iran that could ease sanctions and boost its exports, according to Reuters.

This morning, ConocoPhillips announced its plan to slash its planned capital expenditures. The lowered capital budget is part of its three-year investment plan to reduce annual capital expenditures to about $11.5 billion, down from its previously planned $16 billion.

The company added that it now expects development drilling program spending to rise, as major project spending declines.

CEO Ryan Lance said, "As commodity prices declined in late 2014, we took decisive action to adjust our 2015 spending. We now believe it is prudent to position the company for lower, more volatile prices for the foreseeable future."

"Our new plan will continue to focus on delivering a compelling dividend, while also achieving sustainable, modest volume growth and competitive returns," Lance added. 

Houston, TX-based ConocoPhillips is an independent exploration and production company, based on proved reserves and production of liquids and natural gas.

Insight from TheStreet's Research Team:

ConocoPhillips is a part of David Peltier's DividendStockAdvisor.com Portfolio. Here is what Dave had to say about the stock in a recent alert:

ConocoPhillips (COP:NYSE) declined 6% over the past two weeks, along with the underlying price of oil, and recently traded around $61.38. That said, we believe the company's quarterly dividend of $0.73 per share (4.7% yield) remains secure and that the stock is attractive to purchase at current levels.

-David Peltier, 'Declines Present Buying Opportunities' originally published 3/12/2015 on DividendStockAdvisor.com.

Want more information like this from David Peltier BEFORE your stock moves? Learn more about DividendStockAdvisor.com now.

Separately, TheStreet Ratings team rates CONOCOPHILLIPS as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate CONOCOPHILLIPS (COP) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity." You can view the full analysis from the report here: COP Ratings Report