ConocoPhillips’ strategic pivot in 2016 to a value model rather than a growth model provided the Houston-based independent the financial capability to “make rational economic decisions” during the oil market downturn, including curtailing around 400,000 b/d of production.

ConocoPhillips Executive Vice President and Chief Operating Officer Matt Fox said the company’s strong balance sheet, which had about $8 billion in cash entering the oil downturn, ultimately enabled the company to curb volumes.

“Having that balance sheet strength was extremely important, especially as we went through the really dark days,” Fox said Tuesday at Hart Energy’s combined DUG Permian Basin-Eagle Ford conference, held virtually this year.

ConocoPhillips curtailed 225,000 boe/d in the