ConocoPhillips said it would cut its three-year annual spending plan to $US11.5 billion ($A14.58 billion), versus the company's previous plan of about $16 billion of annual capital expenditures.
Under this revised plan the company expects development drilling program spending to increase as major project spending continues to decline.
Plans for volume growth, which is expected to be 2-3% in 2015 and increase to 1.7 million barrels of oil equivalent per day in 2017. ConocoPhillips' growth outlook excludes production from strife-torn Libya.
"We're taking this period of commodity price weakness to position ConocoPhillips for long-term success in any price environment," chairman and CEO Ryan Lance said.
"Our updated plan is more resilient to lower prices, yet allows us to benefit from periods of higher commodity prices.
"The flexibility of our investment portfolio, our technical capability and our financial strength give us an advantage that we are seizing.
"We've delivered for the past three years and we are committed to continuing our track record of success under this disciplined plan."
The Houston-headquartered major had $53 billion in annual revenue, $117 billion of total assets and about 19,100 employees on December 31, 2014.
