ConocoPhillips released plans to spend $15.8 billion in 2013.
More than $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 spend as much as 60% of the $4 billion allocated for the U.S. in South Texas. In 2012, the company spent approximately $2.5 billion developing the play.
Conoco’s estimates its 228,000 net acres in the Eagle Ford will yield:
- 1.8 Billion boe in resources
- 77% liquids
- Provide industry leading break-evens of $37/bbl WTI
Read the full press release at conocophillips.com