December 6, 2013

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ANCHORAGE – ConocoPhillips (NYSE: COP) announced a 2014 capital expenditures budget of $16.7 billion for continuing operations. Investments during 2014 will target the company’s diverse portfolio of global opportunities. Approximately 55 percent of the budget is allocated toward North America and 45 percent toward Europe, Asia Pacific and other international businesses. The ConocoPhillips 2014 capital budget for Alaska is $1.7 billion, up from $1.1 billion budgeted for 2013.

The increase in the Alaska capital budget is primarily due to spending for development of CD-5 as well as other new projects announced since the passage of SB21, including an additional drilling at Kuparuk, early gravel work for Drill Site 2S, and preliminary engineering and permitting for GMT1. Funding will also go toward maintenance, replacement and repair activities at Kuparuk and Alpine.

The $1.7 billion capital budget for 2014 is more than double the capital spent in 2012 in Alaska ($828 million) and is about $900 million higher than what was spent in 2011 ($775 million). The work programs at Kuparuk and Alpine will generate more than 1,000 additional jobs this winter.