ConocoPhillips Inc. Q4 2008 Earnings Call Transcript “Mark...

ConocoPhillips Inc. Q4 2008 Earnings Call Transcript

“Mark Flannery – Credit Suisse
Thank you. I'm interested in the capital program. Maybe you could just give us some general color on the kinds of things, or the specific things that you will not be doing, now, versus what you might have had in the plans let's say, one or two quarters ago. In other words, where is the capital being extracted from?

Jim Mulva – Chairman and CEO
Well, the details of this will all come at our March presentation, in New York. First of all, there has been absolutely no cut back or reduction in expenses or capital spent on maintenance of our facilities around the world.
The second point is all of our committed major projects, multi-year projects like LNG Projects in [Gutter], Shah Project, all of these different ones we have in mind doing, or that we've committed to doing, we still have in the $12.5 billion that we have announced.
Some of the upgrades in the refineries, we are deferring. We have deferred, somewhat, waiting for new capital investment numbers on Yanbu. We have cut back some of our drilling in the lower 48 and in Canada. Of course, that is kind of a swing factor that we have to look at what the prices are and returns are. Those are some of the areas that we have cut back. We will outline this in full detail when we come to meet with you, in March”

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