By The Associated Press
Tuesday, November 17, 2009
ConocoPhillips on Tuesday delayed the planned upgrade of a German refinery, as the company strives to cut its 2010 capital budget to improve financial flexibility and better balance spending and resources.
Last month ConocoPhillips announced plans to shed $10 billion in assets and scale down capital expenditures next year by 12 percent.
The third-largest U.S. oil company said it delayed the upgrade of its 260,000 barrel-per-day Wilhelmshaven refinery in Germany and "will reevaluate this investment opportunity as market conditions warrant." Original plans for the refinery included improving its diesel output while equipping it to process less expensive crude.
Shares of the company fell 45 cents to $53.39 in midday trading.