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ConocoPhillips (COP) just announced management's response to the growing coronavirus and oil price war disruptions. The March 18, 2020 announcement stated that they would reduce budgeted expenditures by $700 million and then reduce the stock repurchases by $500 million to $250 million in the coming quarters. The total suggested savings would reduce expenditures by $2.2 billion.
The budget cutback was announced as a roughly 10% reduction. This amount is much smaller than the rest of the industry. Management backed up the small reduction by stating that there was $14 billion of available