Thursday, January 16, 2014

The World's Biggest Independent Energy Firm Is Eyeing Significant Uptake in Production by 2017

The world’s leading independent oil and gas company, ConocoPhillips (COP), has recently announced that it will spend $16.7 billion as capital expenditure in 2014, showing an increase of around $900 million from last year. Nearly 39% of the total capital expenditure will go towards the high margin development drilling program, of which 90% will be allocated to North America. Overall, around 55% of its total capital expenditure will flow towards its North American operations while the rest will be invested in its international operations.

The company has also announced that it will invest $5.8 billion on development projects around the world, including those in Australia and Canada, to increase its production by 400 mboed in the next four years.

The company will invest heavily in the lower 48 …. read full article at GuruFocus