ConocoPhillips is reducing its 2020 spending budget by 35% from its original $6.6 billion target. The new budget is $4.3 billion, it said. Executive and employee pay increases granted earlier in 2020 will be canceled and everyone will be paid at 2019 levels, the company said. U.S. and Canadian producers, generally burdened with higher costs than some of their global competitors, have slashed spending overall by more than $37 billion, or around 30%. ConocoPhillips said it will not cut production in Alaska, but will focus cuts on other North American fields. It does not plan to complete any more wells in its Texas and North Dakota this year and is halting all hydraulic fracturing, said COO Matt Fox, the final step to completing new wells. ConocoPhillips shares, which fell 3.5% to $31.07 on April 16, have lost more than half their value so far this year.