FILE - This Feb. 9, 2016, file photo shows an ice-covered ConocoPhillips sign at the Colville-Delta 5, or as it's more commonly known, CD5, drilling site on Alaska's North Slope. (AP Photo/Mark Thiessen, File)
ANCHORAGE, Alaska ((Anchorage) Alaska Journal of Commerce) — ConocoPhillips has announced another $200 million spending cut in Alaska following previous reductions a month earlier as oil prices decline amid the coronavirus pandemic. The Alaska Journal of Commerce reported that ConocoPhillips made the initial cut in capital spending in mid-March, before announcing another $200 million cut earlier this week. The state Department of Revenue says the price of Alaska North Slope Crude fell to $16.65 a barrel on Wednesday, the lowest price since January 2002. The announcement comes about a week after the Houston-based company told its North Slope drilling contractor Doyon Drilling to demobilize its drilling rigs and crews to minimize the risk of workers contracting COVID-19.