ConocoPhillips Sets 2014 Budget Of $16.7 Billion


Dec 6 (Reuters) - ConocoPhillips, the largest independent oil and gas company, said on Friday that it expected to spend $16.7 billion next year, with more than half earmarked for shale projects in North America.

Conoco and other energy companies have ratcheted up spending on drilling in North America's shale basins because those projects are seen having higher returns and less risk.

In May, Conoco told analysts it expects to spend about $16 billion a year over the next five years. The company expects to spend about $16 billion this year.

The Houston company also said it was on track to hit its annual average production target of 1,600 barrels of oil equivalent per day, helped by output from projects in Canada, the North Sea and its shale fields like the Eagle Ford in south Texas.

About 55 percent of the 2014 funds are allocated for North America, with the balance going to Europe, Asia Pacific and other international businesses, the company said.

Shares of Conoco edged down 25 cents to $70.59 in midday New York Stock Exchange trading.

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
Accounting Manager
Expertise: Accounting
Location: Houston, TX
Data Processing Supervisor
Expertise: Planner / Scheduler|Project Controls|Refinery / Plant Operator
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours