ConocoPhillips said Thursday it will cut back its 2020 spending and production volumes more dramatically, slicing its capital spending by 35% and removing a total of 225,000 boe/d from its production guidance. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The largest independent US producer is taking more drastic measures after initially making smaller reductions in March amid the coronavirus pandemic that has sent crude US crude prices below $20/b. S&P Global Platts assessed Midland WTI at $18.92/b Wednesday. “These actions reflect our view that near-term oil prices will remain weak, largely due to demand impacts from COVID-19 and continued oil oversupply,” said ConocoPhillips CEO Ryan Lance in a statement. “We are well-positioned with flexibility to take actions that we believe maintain our relative competitive advantages, as well as our ability to resume programs depending on the timing and path of a recovery.” […]