ConocoPhillips cuts dividend by 66% and slashes capital spending
The company reported a net loss of $3.5B for Q4, including a $2.7B non-cash impairment charge. Capex was reduced from $7.7B to $6.4B, a 41% decline from 2014. ConocoPhillips has already sold $2B worth of non-core assets. Canadian production continues to ramp up at Surmont 2 and the Cheshire exploration well spud offshore of Nova Scotia.