HOUSTON -(Dow Jones)- ConocoPhillips Corp. (COP) said Monday it will postpone from mid-December to January the announcement of its 2009 budget due to the uncertainty of the oil and natural gas markets.
"The company continues to evaluate its capital and operating plans in light of the significant uncertainties associated with the outlook for crude oil, natural gas, and refined product prices, as well as the effects on service and other costs related to the integrated oil sector," the company said in a press release.
The third-largest U.S. oil company was expected to post its capital program this week. The Houston company had said its new budget would be similar to this year's $15 billion.
ConocoPhillips is the second major oil company to delay the announcement of its capital program in past weeks due to the changing economic environment. Chevron Corp. (CVX) announced two weeks ago that it will release its 2009 budget at the end of January and not in December.
Exxon Mobil (XOM) is expected to announce its capital program in March during its annual meeting with analysts.
Conoco shares closed Monday at $51.90. In recent late trading shares are up to $51.96.
-By Isabel Ordonez, Dow Jones Newswires; 713-314-6090; isabel.ordonez@dowjones.com
Order free Annual Report for ConocoPhillips
Visit http://djnewswires.ar.wilink.com/?link=COP or call 1-888-301-0513
Order free Annual Report for Chevron Corporation
Visit http://djnewswires.ar.wilink.com/?link=CVX or call 1-888-301-0513
Order free Annual Report for Exxon Mobil Corporation
Visit http://djnewswires.ar.wilink.com/?link=XOM or call 1-888-301-0513
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=fUlMq%2F0fpWqfdUF0x4CqSw%3D%3D. You can use this link on the day this article is published and the following day.

Publié le 15 Décembre 2008 Copyright © 2008 Dowjones