By OGJ editors
HOUSTON, Dec. 7 -- ConocoPhillips approved a 2008 capital budget of $14.3 billion, including cash capital expenditures and capitalized interest. That compares with a 2007 budget of $12.3 billion, including $500,000 of capitalized interest.
Loans to affiliates and contributions to fund a heavy oil joint venture with EnCana Corp. added another $1 billion, bringing the total authorized 2008 capital program to $15.3 billion.
The exploration and production budget is expected to be $12 billion, including capitalized interest and loans to affiliates and contributions to the upstream venture with EnCana. Another $2.8 billion was allocated for refining and marketing.
