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| ConocoPhillips approves 2007 capital budget  ConocoPhillips approved 2007 cash capital expenditures of approximately $11.8 billion. Combined with about $0.6 billion 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."Our 2007 planned capital program reflects our commitment to selectively invest in projects that will enable us to deliver energy to consumers worldwide, while providing long-term value for our shareholders, " said Jim Mulva, chairman and chief executive officer. "The reduction in the 2007 capital program versus the 2006 capital program primarily reflects the company's completion of our planned 20 percent equity investment in Lukoil. In addition, given the increasingly challenging business environment, which has been marked by rising costs, greater discipline in capital spending is warranted to better ensure value delivery over the long term. Accordingly, we have prioritized our capital projects for 2007. This prioritization will enable us to more quickly reduce debt and increase dividends and share repurchases. Assuming continuation of the current cost environment, this capital program is expected to result in a slight reduction to the company's medium-term production growth rate." write your comments about the article :: © 2006 Construction News :: home page |