International growth is dead due to price collapse and volatility risk. Houston support staff will be reduced and groomed for a much leaner operation. Alaska is primary growth focus until price begins to recover followed by Lower 48 because these areas are stable and not at risk of government seizure or reduced ownership. Reduced activity across the board to lower costs while we wait out this price war will enable a 40% reduction in support staff. Price recovery is not expected to be fast or soon. Staff reductions are painful but necessary and better in the long term than having redundant staff with nothing to do but worry. Natural gas prices are expected to remain low for the next ten years or more as natural gas is a byproduct of shale oil development. Funds that have directed towards areas that are and have been predominantly natural gas producing will be reduced as they will become less and less important to bottom line of the company. This will enable staffing in those areas to be reduced to leaner working levels.
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The Eagleford makes money on NG and is very close on oil at current prices.
or in other words, ConoocPhillips currently does not own a single asset with a potential of profit.