ConocoPhillips budgets $1.7B for Alaska work

|About: ConocoPhillips (COP)|By:, SA News Editor

ConocoPhillips (COP -0.1%) says it is budgeting $1.7B for 2014 capital costs in Alaska, twice what it spent in 2012 and $600M more than budgeted for 2013.

COP says the larger budget reflects increased spending on the long-planned CD-5 development within the National Petroleum Reserve-Alaska and increased activity due to the oil tax cut passed by the state's legislature earlier this year funding also is included for exploration, including two wells in the Greater Moose's Tooth unit.

COP's total 2014 capex budget is $16.7B.