ConocoPhillips Plans to Invest In Newly Acquired German Refinery

abarrelfullabarrelfull wrote on 11 May 2012 07:55

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Nov. 30, 2005

ConocoPhillips [NYSE:COP] has announced that it expects to increase its planned 2006 capital expenditures by approximately $1.4 billion to provide for the acquisition of the recently announced Wilhelmshaven, Germany refinery acquisition, including the initial expenditures towards a deep conversion project and other miscellaneous capital improvements.

"Wilhelmshaven is an excellent platform for the deep conversion project that will allow us to take the refinery from its current status as a low complexity refinery to a high complexity refinery," said Jim Nokes, executive vice president, refining, marketing, supply and transportation. "We will work with the German authorities to secure the necessary support and permits to enable us to make these improvements."

The Company expects to announce its capital expenditure plans for 2006 in mid-December, as it has done in past years.

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