ConocoPhillips Bets Big on Shale in Shift to U.S. and Canada
This article is for subscribers only.
ConocoPhillips is making a massive wager on the future of shale drilling, pledging to spend 50 percent more over the next three years primarily in the U.S. and Canada after crude prices fell by more than half.
The third-largest U.S. oil producer plans expenditures of about $11.5 billion a year, according to a company presentation Wednesday. It will steer more funds to wells from Texas to North Dakota as spending winds down on major projects in locations such as Australia. ConocoPhillips set a goal of reducing costs by $1 billion by the end of 2016.