ConocoPhillips' Capital Budget Favors the Bakken and Eagle Ford

ConocoPhillips Bakken Acreage Map
ConocoPhillips Bakken Acreage Map

ConocoPhillips released plans to spend $15.8 billion in 2013. Of that, more $4 billion will be spent across the company's U.S. assets in the Bakken, Barnett, Eagle Ford, Niobrara, and Permian Basin areas. Targets in all of those areas are liquids-rich.

If 2012 is a good indication of what to expect in 2013, Conoco will likely spend 15-20% of the $4 billion allocated for the U.S. in the Bakken. In 2012, the company spent approximately $600 million developing the play.

Conoco's believes its 600,000 + acres in the Bakken will yield:

  • 1,300 gross proved and probably drilling locations
  • 400 million barrels of resources from just 40% of its acreage
  • Production of almost 40,000 boe/d in 2016

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