The Houston-based oil company’s dividend is now 74 cents instead of 73 cents and is expected to cost an additional $12.3 million a quarter. The most significant spending reductions will come from its program in the Gulf of Mexico where ConocoPhillips will terminate its contract for the Ensco DS-9 deepwater drill ship. Drilling was scheduled to begin there later this year. Financial terms weren’t disclosed. ConocoPhillips will pay a termination fee that represents up to two years of contract day rates and will take a special item charge for the termination in the third quarter. “Since the start of the oil and gas price downturn last year, we have moved decisively to position ConocoPhillips for lower, more volatile prices by exercising capital flexibility and reducing operating costs across our business,” said Chief Executive Ryan Lance. “Our decision to reduce spending in deepwater will further increase our capital flexibility and […]