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ConocoPhillips slashes billions from 2016 budget

ConocoPhillips follows Chevron and is now cutting billions from the oil major's investment budget. The company will slash its costs 55 percent compared to last year.

Photo: Tullow Oil

Oil major ConocoPhillips is now following in rival Chevron's footsteps by slashing billions from its planned investments, reports the Financial Times.

ConocoPhillips' cost reduction efforts are just the latest indicator of the fact that the energy industry projects that a potential oil price recovery is a long way off.

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