Conoco sets capital expenditures and cash exploration expense at approximately $2.0 billion.HOUSTON--(BUSINESS WIRE)--Feb. 1, 1995--Conoco Inc.'s 1995 budget for capital expenditures and cash exploration expense has been set at approximately $2.0 billion, a 20 percent increase over the company's expenditures in 1994. About $1.3 billion of the budget is for worldwide exploration, production and natural gas processing Natural gas processing plants, or fractionators, are used to purify the raw natural gas extracted from underground gas fields and brought up to the surface by gas wells. The processed natural gas, used as fuel by residential, commercial and industial consumers, is almost pure operations, of which nearly $400 million is expected to be spent on exploration activities. Some $700 million is dedicated to the company's refining, marketing and transportation operations, which represents a record level of spending in the downstream sector. About two-thirds of the total budget is earmarked for international project development. Nearly $700 million will be spent in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Conoco CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Constantine S Constantine, city, Algeria Constantine (kŏn`stəntēn), ancient Cirta, city (1998 pop. 462,187), capital of Constantine dept., NE Algeria, on the gorge of the Rhumel River. . Nicandros said, "The 1995 capital budget focuses on projects that strengthen existing core business areas and support our strategic growth in new areas." Nicandros also noted that Conoco's cash flow performance has been quite strong. "This year Conoco will once again fund its entire investment program from internally generated cash while fully covering its share of DuPont's general corporate expenses," he said. In addition to expenditures to support ongoing operations, Nicandros reviewed the strategic initiatives emphasized in this year's capital budget: "To strengthen our presence in the North Sea region, we will complete development of the giant Heidrun Field in Norway, which will begin production this summer. Also, we will undertake the first development expenditures for the Britannia Field, which is scheduled for start-up in 1998. Britannia is the largest undeveloped natural gas field in the United Kingdom. "Our partnership with Petronas to begin construction of a new refinery in Malaysia in 1995 is a key element in our strategy to develop integrated refining and marketing operations in the rapidly growing Asia Pacific region. When the refinery comes onstream in 1997, it will complement our growing investment in marketing operations in Thailand and provide a springboard for further expansion in the region. "We will continue to enhance our European downstream operations by installing a new vacuum unit at the Humber refinery The Humber Refinery is an oil refinery owned by ConocoPhillips. It is located at South Killingholme, North Lincolnshire in the United Kingdom. Situated approximately 10 miles north west of Grimsby, it processes approximately 221,000 barrels of crude oil per day. in the United Kingdom to further improve a refinery that is already one of the best in Europe. In addition, we will continue to expand into new European retail markets. "As part of a joint venture with Pennzoil, we will be constructing a hyrdocracker at our Lake Charles Lake Charles, city (1990 pop. 70,580), seat of Calcasieu parish, SW La.; inc. 1867. It is located on Lake Charles at the mouth of the Calcasieu River in a rice, timber, oil, and natural gas region. , La., refinery to produce high-quality base oils for the lubricants lubricants preparations for the lubrication of passages to reduce frictional injury, e.g. oily preparations, including petroleum jelly, lanolin or water-soluble preparations such as methyl cellulose. market. Simultaneously, we will increase our capacity to manufacture reformulated gasoline. The new facility is expected to be onstream in 1997." Conoco is the energy subsidiary of DuPont. CONTACT: Conoco Inc., Houston Carlton W. Adams W. Adams (d. 1748) was a captain in the British Navy, slain in Edward Boscawen's unsuccessful siege of Pondicherry. Sources
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