NEW YORK (TheStreet) -- ConocoPhillips (COP) shares are up 0.56% to $66.11 in afternoon trading on Monday as the oil and natural gas company plans on maintaining its current capital expenditure levels for the next three years, according to Reuters.
The announcement comes after the company already cut its 2015 capex budget to $11.5 billion from $13.5 billion in January in response to oil prices that have declined sharply over the past eleven months.
Other major oil companies have also taken to cutting capex budgets this year amid falling oil prices as the oil industry begins to accept sub-$100 per barrel crude as the new normal.
The ConocoPhillips announcement allowed it to outperform its industry peers who's stocks declined along with crude prices today.
Industry standard Brent crude for July delivery is down 0.72% to $66.33 per barrel, while West Texas crude is down 0.12% to $59.62 per barrel.
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 reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. 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."