US-based oil and gas company ConocoPhillips has set its full-year 2019 capital expenditure budget at US$6.1bn, a stable amount compared to 2018 capital expenditures excluding acquisition costs. Approximately US$3.1bn will be allocated to the Lower 48 states (United States) and particularly across the Eagle Ford, Bakken and Delaware (Big 3) unconventional plays. Investment will also target exploration and appraisal activity in areas such as the Louisiana Austin Chalk play.
Besides, 20% of the total (US$1.2bn) will be dedicated to Alaskan projects (US) and 8% (US$500m) to Canadian projects (appraisal and development activity in the Montney unconventional programme). US$700m will be invested in the company's activities in Europe and North Africa; this amount is lower than in 2018 due to the sale of a stake in the Clair field in the United Kingdom but North Sea investment plans include further development in both the United Kingdom and Norwegian sectors. Finally, ConocoPhillips will invest US$500m for Asia Pacific and the Middle East, to backfill the Darwin LNG plant through development of the Barossa offshore producing field, will invest in development projects in China, Malaysia and Indonesia.
ConocoPhillips' full-year 2019 production guidance is currently set at 1,300-1,350 mboe/d, excluding Libyan operations and not reflecting potential impacts from dispositions that may occur during the year. Most of the output ramp-up will come primarily from the Lower 48 and Alaskan assets.