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The Wall Street Journal: Conoco Boosts Spending On Oil, Gas Production

December 10, 2007

ConocoPhillips said it would boost its spending 13% to $15.3 billion to get precious crude and natural gas out of the ground. The oil giant approved a 2008 capital budget of $14.3 billion, including cash capital expenditures and capitalized interest. Loans to affiliates and contributions to its venture with Encana Corp. bring the total to $15.3 billion, up from $13.5 billion approved for this year. About 80% of the company’s authorized capital program will go toward exploration and production, down from 84% last year.

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