ConocoPhillips to expand production project
NEW YORK ConocoPhillips said Tuesday it will expand its Surmont oil production project in Canada into a second phase, and now expects production capacity to jump to 110,000 barrels per day from 27,000.
ConocoPhillips trimmed its 2010 capital budget and will sell about $10 billion of assets over the next two years to strengthen its balance sheet, continuing the belt-tightening for one of the hardest hit of the oil majors.