U.S. energy company ConocoPhillips said it was cutting capital spending by more than 25 percent in order to stay competitive in the low oil price cycle.

The company said spending of $11.5 billion through 2017 was a cut of 28 percent from its earlier expectations. That mirrors announcements from peers ranging from BP to Exxon Mobil, who've all said the low price of oil forced a cut in capital expenses and staff.

Conoco Chairman and Chief Executive Officer Ryan Lance said his company expects low oil prices to endure the foreseeable future.

"We're taking this period of commodity price weakness to position ConocoPhillips for long-term success in any price environment," he said in a statement on Tuesday.

Oil prices rallied from around $45 per barrel in February, but have pulled back in recent weeks. The price for West Texas Intermediate, the U.S. benchmark, hit a six-year low this week to trade below the $43 per barrel mark.

The U.S. Energy Information Administration expects WTI will average around $52 per barrel for the year, about $7 below Brent, the global benchmark.

The drop in crude oil prices reflects a market favoring the supply side as greater U.S. oil production leaves more reserves in storage.

Lance said the company expects overall production to increase despite the reduction in capital spending. More details on the plan will be revealed during the company's April 8 analyst and investor meeting.