ConocoPhillips plans to reduce debt by 25% in the next 5 years

According to a report by Bloomberg News in Houston, May 4, 2021, Continental Phillips (ConocoPhillips), the third-largest oil company in the United States, will use the rebound in oil and gas prices to reduce it by approximately 25% in the next five years.

The Houston-based U.

US oil giants Exxon Mobil and Chevron also said last week that after a series of devastating losses caused by the new crown pneumonia pandemic in 2020, the two companies intend to use soaring cash flow to repay debt and restore financial strength.

So far, all signs indicate that the US oil industry needs strict self-discipline.

At 9:37 a.

ConocoPhillips’ adjusted earnings per share for the first quarter were 69 cents, higher than the 54 cents expected by analysts in the Bloomberg survey.

Li Jun compiled from Bloomberg News

The original text is as follows:

ConocoPhillips Plans 25% Debt Reduction

ConocoPhillips will use a rebound in oil and gas prices to cut debt by about 25% over the next five years, signaling a focus on financial prudence even after completing one of the biggest shale takeovers in recent years.

　　The Houston-based company will cut its borrowings by $5 billion, it said in a statement Tuesday, essentially returning its debt pile to the same level as before its purchase of Concho Resources Inc.

　　US oil giants Exxon Mobil Corp.

　　So far, all signs point to discipline as the US oil industry attempts to rebuild its reputation with investors after a decade of poor returns despite record production from the country's booming shale fields.

　　Conoco fell 1.

　　Conoco's adjusted earnings were 69 cents a share in the first quarter, beating the the 54-cent average of analysts' estimates in a Bloomberg survey.