ConocoPhillips Is Increasing Eagle Ford Spending in 2014

ConocoPhillips Eagle Ford Map
ConocoPhillips Eagle Ford Map

ConocoPhillips will spend $16.7 billion in 2014 (6% more than 2013) and 55% of the total ($9.18 billion) is allocated in North America.

Within North America, Conoco expects continued growth from the Eagle Ford, Bakken, and Permian plays.

Approximately $4.3 billion will be spent on development drilling in the Lower 48 states. The budget includes "increased investment in the drilling programs in the Eagle Ford, Bakken and Permian."

2014 is an important year for ConocoPhillips,” said Ryan Lance, CEO. “Since becoming an independent E&P company, we have set out to deliver a unique value proposition of 3 to 5 percent volume and margin growth with a compelling dividend.

Conoco has a five year plan to invest $8 billion in the Eagle Ford and grow production to almost 150,000 boe/d by 2017. The company has 227,000 net acres prospective for the play and an estimated resource potential of 1.8 billion boe.

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