ConocoPhillips (NYSE: COP) Ramps Up Alaska Spending Again

Brian Hicks

Written By Brian Hicks

Posted December 10, 2013

ConocoPhillips has reported a $1.7 billion budget for capital costs in Alaska in 2014, a $600 million increase over the current year.

Some of the additional money will be spent on its CD-5 drill site, the first commercial production site within the National Petroleum Reserve in Alaska. CD-5 could add up to 18,000 barrels per day to ConocoPhillips’ current output.

The rest of the expanded budget will cover new projects opened up by the Alaskan oil tax cut that goes into effect on January first. These could include new wells at Kuparuk and Greater Moose’s Tooth.

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