Provides 2015 to 2017 Capital Budget and Growth Outlook; Believes it Prudent to Position Co for Lower, More Volatile Commodity Prices for Forseeable Future
ConocoPhillips (NYSE: COP) today announced its 2015 to 2017 capital budget and growth outlook. Details of the 2015 to 2017 plan will be reviewed at the companys upcoming Analyst and Investor Meeting on April 8, 2015.
For the past three years, ConocoPhillips has consistently delivered our stated objectives against a backdrop of relatively high, stable commodity prices, said Ryan Lance, chairman and chief executive officer. As commodity prices declined in late 2014, we took decisive action to adjust our 2015 spending. We now believe it is prudent to position the company for lower, more volatile prices for the foreseeable future. Our new plan will continue to focus on delivering a compelling dividend, while also achieving sustainable, modest volume growth and competitive returns. We strongly believe this is an attractive formula for shareholders and we look forward to sharing the details of our plans.