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.
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