ConocoPhillips Increases Budget

ConocoPhillips has announced a $1.7 billion capital budget for 2014, almost double their investment in 2012.

 

Natalie Lowman with ConocoPhillips said next year’s budget is also $600 million above the current year…

 

Lowman: “Our budget for 2014 will be up significantly from 2013, and that’s primarily because of spending for development of a project called CD-5, an extension of the Alpine Field, but it’s also going to fund new projects that we’ve announced since the passage of the tax reform bill SB21.”

 

Lowman said ConoPhillips is tying their increased spending directly to Governor Parnell’s new oil tax scheme…

 

Lowman: “We’ve been saying in legislative testimony and publicly a number of times that if there were positive tax reform that it would likely increase our capital budget, and that’s what we announced recently, is that our 2014 capital budget for Alaska is $1.7 billion, and that’ up almost 50 percent from what we budgeted for 2013.”

 

Lowman said the Kuparuk and Alpine programs would add more than 1,000 jobs to the North Slope this winter. The Governor said the announcement is proof his new oil taxes are working.

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