ConocoPhillips Sets Budget at $13.5-Bn; About 90% Focused on E&P Projects

摘要

ConocoPhillips has approved a 2011 capital program of $13.5-billion, representing a significant increase in Exploration & Production (E&P) segment expenditures. Almost 90% of the capital program will be directed at E&P work, while the Refining & Marketing (R&M) segment represents about 9% of this year's spending. In North America, the capital program is expected to total $6-billion. In the U.S. Lower 48, capital funding will be focused on the Eagle Ford and other liquids-rich plays in the Permian, Bakken and Barnett fields.