- ConocoPhillips announced a big shift in capital spending from large-scale projects to short-cycle projects.
- The company continues to maintain capital spending at around $11.5 billion established back in January that will keep production growth in the 2% to 3% range.
- The biggest concern is that ramped up domestic production could face pricing pressure with the inability to obtain export to international markets.
- Stock remains expensive, potentially propped up by a large 4.4% dividend yield.
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