ConocoPhillips slashes Alaska production amid glut, pandemic
ANCHORAGE, Alaska (AP) - ConocoPhillips Alaska announced it will cut production on the North Slope by 100,000 barrels a day, or nearly half its total output, beginning in June, but no layoffs are anticipated. The company decided to curtail production in response to what it called “unacceptably low oil prices” caused by low demand because of the coronavirus pandemic combined with a global oversupply of oil. The company will ramp down production in late May. The Houston-based company said any extensions past June will be determined on a monthly basis. Operations of the 800-mile trans-Alaska pipeline are not expected to be affected.
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