ConocoPhillips slashes another $200M from spending in Alaska

    Anchorage, Alaska (AP) - ConocoPhillips has announced another $200 million spending cut in Alaska following previous reductions a month earlier as oil prices decline amid the coronavirus pandemic.

    The Alaska Journal of Commerce reported that ConocoPhillips made the initial cut in capital spending in mid-March, before announcing another $200 million cut earlier this week.

    The state Department of Revenue says the price of Alaska North Slope Crude fell to $16.65 a barrel on Wednesday, the lowest price since January 2002.

    The announcement comes about a week after the Houston-based company told its North Slope drilling contractor Doyon Drilling to demobilize its drilling rigs and crews to minimize the risk of workers contracting COVID-19.

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