ConocoPhillips Approves 2007 Capital Budget of $12.3b

Friday, December 08, 2006
ConocoPhillips approved 2007 cash capital expenditures of approximately $11.8b. Combined with about $0.6b for loans to affiliates and a $0.6 billion contribution to fund the recently announced EnCana transaction, the total cash capital spend is expected to be $13.0 billion. Including capitalized interest of $0.5 billion, the total authorized capital program for 2007 is $13.5 billion. Eighty-four percent of the company’s 2007 total authorized capital program will be allocated to its Exploration and Production segment. The Refining and Marketing segment will receive approximately 13 percent, with the remaining being spent in Emerging Businesses and Corporate. Additional details on the capital program for each of the company’s business segments are provided below.

E&P’s 2007 capital budget, including capitalized interest of $0.5 billion, is expected to be $10.2 billion. This, combined with approximately $0.6 billion for loans to affiliates and the company’s planned $0.6 billion contribution to the EnCana transaction, results in a total E&P capital program of $11.4 billion. The company has allocated $1.1 billion for U.S. refining, primarily for projects related to sustaining and improving the existing business with a focus on reliability, energy efficiency, capital maintenance and regulatory compliance. Work continues at a number of refineries on projects to increase crude oil capacity, expand conversion capability and increase clean product yield. International R&M is expected to spend about $0.4 billion, with a focus on projects related to reliability, safety and the environment, as well as the advancement of a full-conversion refinery project in Yanbu, Saudi Arabia. The company continues to study other international refinery projects.

The remaining R&M capital budget is for projects in the company’s domestic transportation and marketing businesses. Emerging Businesses and Corporate The 2007 capital program for Emerging Businesses and Corporate is approximately $0.4 billion. The majority of the spending is earmarked for power generation, primarily for an expansion project at the company’s Immingham Combined Heat and Power plant in the United Kingdom. In Corporate, capital expenditures are expected to be primarily for global information systems and services projects.

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

SAFE Boats Bags Homeland Security Order

Production of Customs and Border Protection’s coastal interceptor vessels to commence immediately   SAFE Boats International informs it has been awarded a contract from U.

Ardmore Shipping Takes Tanker Delivery

Ardmore Shipping Corporation took delivery of the newbuild product and chemical tanker vessel Ardmore Seafox on June 25, 2015, the company announced today. The 49,

PPG Debuts New Antifoulings

Low-friction, self-lubricating coatings use patented technology to deliver reduced fuel consumption and improved tolerance to idle time.   PPG Protective and

Finance

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1537 sec (7 req/sec)