ConocoPhillips: Production Steady

ConocoPhillips ( COP) said Wednesday that it expects total hydrocarbon production to remain unchanged compared to last year even though its capital spending will fall 37%.

ConocoPhillips said in January that its 2009 capital spending program would shrink to $12.5 billion from $19.9 billion last year. The company reaffirmed its 2009 spending target on Wednesday.

The company said that it will spend more than $10 billion on exploration and production activities. The remainder of its capital expenditure budget will go toward refining and marketing activities.

ConocoPhillips' CEO Jim Mulva told analyst that he doesn't expect the global economy to rebound in 2009 and that global oil consumption will likely remain low this year.

"There is no real indication of quite where the bottom is," Mulva said. He added that the economy is fighting "quite a lack of confidence in the marketplace."

Elsewhere on Wednesday, Chevron ( CVX) told analysts that it most likely won't meet its forecasted production target for 2009 because it is also cutting its capital spending budget.

Meanwhile, integrated energy stocks were all moving lower in Wednesday afternoon trading. BP ( BP) was down 1.3% at $36.74 a share, ConocoPhillips was losing 1.5% at $36.45 a share, Chevron was sliding 2.1% at $60.43 a share, Royal Dutch Shell ( RDS.A) was down 0.8% at $42.95 a share, and Exxon Mobil ( XOM) was moving 2.9% lower at $65.38 a share.

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