ConocoPhillips 2014 Capex Budget Set at $16.7 Billion

ConocoPhillips (NYSE: COP  ) has put an exact dollar figure on its 2014 capital expenditures. The oil giant will spend $16.7 billion on its continuing operations, it announced in a press release. Roughly 55% of that investment will be directed at projects in North America, with the remainder going toward international development. 

Numerous programs will see increased investment compared to this year. These include the company's drilling projects in the promising Eagle Ford, Bakken, and Permian plays, as well as exploration activities in the Gulf of Mexico and Angola. 

ConocoPhillips added that it anticipates to reach its previously stated annual production target of about 1.6 million barrels oil equivalent per day from continuing operations in 2014.

According to CEO Ryan Lance, the company has "an unparalleled inventory of opportunities that will enable us to deliver organic growth from continuing operations in 2014 and beyond."

This past May, ConocoPhillips said that it expected to spend approximately $16 billion annually over the next five years. 


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2756063, ~/Articles/ArticleHandler.aspx, 4/19/2014 5:38:54 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement