Offshore in depth ///

ConocoPhillips’ announcement, that it was phasing out its deepwater exploration program, was a clear signal that the slump in crude prices is not only affecting budgets, but it also has forced operators to re-examine their core strategies. ConocoPhillips’ retreat. Recall that in 2012, when oil prices were high and still climbing, ConocoPhillips (CoP) shed its downstream businesses, forming Phillips 66, to concentrate on E&P activities, while positioning itself as the world’s largest independent with the scope of an IOC. With oil prices below $40/bbl, CoP’s management now has devised a flexible, short-horizon strategy that is closer to an independent’s business model than one designed for a major oil company.

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