Conoco Phillips is Freezing Capital Spending for Three Years

Conoco Phillips (COP) says it will maintain its capital spending for the next 3 years as its deals with lower oil prices. The reduced spending impacts its operations especially in the Eagle Ford Shale in Texas and North Dakota's Bakken Shale Field. The largest independent U.S. Energy company cut the 2015 capital budget by $2 billion dollars to $11.5 billion in January. CEO Ryan Lance says even with the slight increase in crude oil prices in April, they will remain on the sidelines in terms of spending. Crude oil prices have been cut in half sine June 2014 as supplies grew and demand fell. Conoco Phillips stock price has also fallen during that time.