ConocoPhillips said it expects its spending for next year to be 25% lower than previously expected for 2016.
The company is looking to streamline its costs as it continues to adapt to a ‘lower for longer’ oil price.
The decision comes on the same day Chevron said it would be reducing spending for the next year by 24%.
ConocoPhillips has forecast a capital budget for the next year of $7.7billion and said it expects to raise $2.3billion from non core asset sales.
Earlier this year the company said it would move away from deepwater exploration in the Gulf of Mexico by 2017.
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