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http://www.marketwatch.com/news/story.asp?guid=%7BF09B9406%2DD08D%2D4B71%2D8C4F%2DE064A42C5028%7D&siteid=mktw&dist=

ConocoPhillips, its coffers flush from one of the oil industry's best quarters ever, said on Wednesday it plans to spend $12 billion next year, funneling much of it into the thinly-stretched U.S. refining sector.

The plan also includes increasing capacity at nine of the company's 12 U.S. refineries

Mulva told lawmakers Conoco plans to add 11% to its U.S. refining capacity by 2011 at a cost of $4 billion to $5 billion, adding the equivalent of what Conoco calls a "world-scale refinery to the company's U.S. refining system."

In addition to expanding its operating capacity, Conoco announced Tuesday it will use some of the profit to buy back up to $1 billion of its own stock over the next two years.
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