Chief executive officer, Jim Mulva, told a group of analysts in New York, the company plans to reduce capital spending by 25 per cent, sell at least $US3 to $US4 billion of lower returning assets as well as increase post-merger annual cost savings target to $US1.25 billion from $US750 million.
ConocoPhillips said it will pump 3 per cent less oil and natural gas next year as it plans to bring down daily production from 1.62 million barrels of oil equivalent (mmboe) to 1.57 mmboe.
"We will use a disciplined approach to improve returns for our shareholders," Mr Mulva said. "In addition to the increased post-merger cost savings and asset rationalisation, 75% of our 2003 capital budget will be dedicated to growing our upstream business, which has historically provided higher returns."
