ConocoPhillips to cut another $200M from spending in Alaska

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FAIRBANKS, AK ConocoPhillips has announced another $200 million dollar spending cut in Alaska following previous reductions a month earlier, as oil prices decline amid the pandemic.

Associated Press reports 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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