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Conoco IDs 2020 Capital Plan; Lower 48 Sees $500MM Shortfall from Prior Estimate
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ConocoPhillips has reported its Q4 2019 results as well as outlined its 2020 capital plan.
2020 Plans - Lower 48 Out $500 MillionThe company will be ramping up spending 5% overall compared to 2019, but we noticed that its Lower 48 spending is $500 million less than the company outlined in Q4 2019. In November 2019, Conoco projected that it would be spending $3.7 billion on its Lower 48 operations ($1.9B to Eagle Ford, $1.4B to Permian and $400MM to Bakken).
Looking at its updated budget, there is a ~$500 million shortfall in Lower 48 spending from its earlier outline (see slide / chart comparison below). Conoco did not disclose its spending plans by play in the Lower 48 in its January release, so which plays will be affected by the decrease remains to be seen.
2020 Capital Plan (November…
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