Message Font: Serif | Sans-Serif
No. of Recommendations: 5

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.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.