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Conoco: 2015 volumes up, capex down
ConocoPhillips said March 17 that it is projecting a 2 to 3 percent overall increase in volume this year, with an increase to 17 million barrels of oil equivalent by 2017, excluding production from Libya.
The company will provide details of its 2015 to 2017 plan at an analyst and investor meeting April 8, but said the three-year investment plan will reduce annual capital expenditures to some $11.5 billion, versus the company’s previous plan of some $16 billion in annual capital expenditures.
Ryan Lance, ConocoPhillips’ chairman and CEO, said the company “took decisive action to adjust our 2015 spending” as prices dropped in late 2014. “We now believe it is prudent to position the company for lower, more volatile prices for the foreseeable future,” he said.
Alaska projects under way ConocoPhillips Alaska spokeswoman Natalie Lowman told Petroleum News in an email that numbers for Alaska are not available, but she said “there is no change to the major capital projects we have already said we are progressing in Alaska.” Lowman said “Nabors rigs 9ES and 7ES are still drilling at Kuparuk, new-build rigs Doyon 142 and Nabors CDR3 are still on order, CD5 and Drill Site 2S are on schedule.”
There are some 700 construction jobs onsite for CD-5, the newest Alpine-area drill site, and there are some 200 construction positions for Kuparuk Drill Site 2S.
Lowman also said ConocoPhillips Alaska is pursuing approval of development of IH NEWS, Northeast West Sak at Kuparuk.
Between Alpine and Kuparuk, both operated by ConocoPhillips, the company has six rigs operating.
- Kristen Nelson
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