SOURCE: Industrial Info Resources

Industrial Info Resources

December 24, 2009 05:00 ET

ConocoPhillips Directs 86% of $11.2 Billion 2010 Capital Budget to E&P Segment, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - December 24, 2009) - Researched by Industrial Info Resources (Sugar Land, Texas) -- ConocoPhillips Incorporated (NYSE: COP) (Houston, Texas) is planning to spend approximately $9.7 billion in support of the company's exploration and production (E&P) program during 2010. Although the $11.2 billion 2010 capital budget represents a 10% decrease in spending from 2009 capital expenditures, it still represents a healthy investment in the energy sector. ConocoPhillips will direct $4.1 billion of its budget for projects to North America. Again, this figure is a reduction in spending levels compared with previous years, but the emphasis was placed on the highest return on investment when ConocoPhillips selected the production basins.

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