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Conoco

Oil & Gas

ConocoPhillips ordered to pay out to Chinese farmers after oil leak

ConocoPhillips has been ordered by a Chinese court to pay compensation to nearly two dozen aquaculture farmers who said their livelihoods had been hurt by oil spills off the country’s north eastern coast four years ago. The company was told to pay $266,000 to 21 farmers who had not previously participated in a previous settlement in 2012.

Markets

ConocoPhillips to reduce its 2015 capital budget on lower oil price

ConocoPhillips said it will cut its capital budget for the year to $10.2billion in response to continued low oil prices. The company said it would divest assets and lower its cost structure in response to slide in oil prices from $100 to $50 a barrel. Conoco posted a loss of $1.1billion compared with a profit of $2.7billion a year previously.