Shares of Conoco rose 17 cents off their levels prior to the announcement. But the stock was still down 0.9 percent on the day, weighed down by a drop in U.S. oil prices.
Conoco's 2010 capital expenditure budget of $11.2 billion includes $4.1 billion for North America, down from $5.2 billion budgeted for 2009, as the Houston-based company responds to stubbornly weak conditions in its home market.
About $1.3 billion of the 2010 budget would go toward refining and marketing, Conoco said in a statement.
The capex budget was largely in line with the guidance Conoco gave in October alongside plans to sell off $10 billion in assets over the next few years to improve its financial position.
The company's $12.5 billion 2009 capex budget was down from spending of $20.3 billion in 2008, though that included $5 billion paid for a stake in Australia's Origin Energy
(Reporting by Braden Reddall in San Francisco, editing by Matthew Lewis)