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ConocoPhillips warns weak prices may trigger output cuts in oil industry
(Reuters) -ConocoPhillips beat Wall Street estimates for first-quarter profit on Thursday on strong production volumes, but warned that weak oil prices would likely lead to output cuts in the industry. CEO Ryan Lance said during a post-earnings call that while balance sheets across the sector were in good shape, a crude price outlook in the $50s or low $50s could still trigger widespread activity reductions, even among larger players. U.S. President Donald Trump's global tariff announcements have further contributed to a decline in oil prices and fears of an economic downturn.