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ConocoPhillips - Heard whispers of budget cuts, anything concrete?

0x7f73…4468

·38d ago·2 comments

Hey everyone, I'm based out of Houston and have been hearing some chatter about potential budget tightening across the board at COP. Nothing official, of course, but a few department heads have been a bit cagey when asked about Q3/Q4 plans. Seems like some projects are being put on the back burner, and external hiring has definitely slowed to a crawl, as someone else mentioned. Just wondering if anyone else is picking up on this? Seeing any impact in your specific roles or teams? Are there any signs pointing towards something bigger, or is this just the typical oil and gas cycle? Curious to hear what others are observing or if there's any internal news circulating that isn't making it to the rumor mill.

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Comments (2)

0x532e…653d

·38d ago

Interesting you're hearing similar things. In the Permian, we've definitely noticed a freeze on non-essential travel and a much slower approval process for even minor equipment purchases. It feels like the purse strings are being tightened pretty significantly, even if it's not being explicitly stated as 'budget cuts.' It's making planning for next year a bit of a guessing game, to be honest.

0x317a…a7a2

·38d ago

Glad to hear I'm not the only one sensing a shift. Up here in Alaska, we've seen some contractor engagements scaled back, and there's a general air of caution about committing to new initiatives. The official line is always about 'optimizing resources,' but the practical effect feels like a pause button is being pushed on a lot of things. Curious to see if this translates into any operational changes down the line.