Skip to comments.ConocoPhillips sets $10.5 bln 2006 capital budget
Posted on 12/10/2005 8:57:28 AM PST by BenLurkin
NEW YORK, Dec 9 (Reuters) - ConocoPhillips (COP.N: Quote, Profile, Research) on Friday said its cash capital budget for 2006 would rise by about 45 percent to $10 billion as the oil company embarks on a multiyear program to upgrade its refining capacity.
A ConocoPhillips spokeswoman said that figure did not include investments in Russian oil producer Lukoil, in which Conoco holds 14.8 percent with an option to go to 20 percent.
The $10 billion amount compares to a $6.9 billion budget for 2005. Including capitalized and minority interest, the 2006 budget is $10.5 billion as against $7.4 billion for 2005.
The company said the budget included allocations for multiyear expansion and upgrade projects at nine refineries: Belle Chasse, Louisiana; the Bayway refinery in Linden, New Jersey; the Billings, Montana, refinery; the Borger, Texas, refinery; the Ferndale, Washington, refinery; the Los Angeles refinery in Wilmington, California; the San Francisco refinery in Rodeo, California; the Sweeny refinery in Old Ocean, Texas; and the Wood River refinery in Roxana, Illinois.
The majority of the budget, though, will go toward exploration and production, with the biggest chunk of that destined for the North Sea and west Africa.
About $200 million is earmarked for emerging businesses and corporate services, mostly for global information technology projects, the company said.
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