ConocoPhillips Approves 2011 Capital Program

ConocoPhillips COP today approved a 2011 capital program of $13.5 billion, representing a significant increase in Exploration and Production segment expenditures. Almost 90 percent of the capital program will be in support of E&P, while the Refining and Marketing segment represents about 9 percent of this year's spending. The 2011 capital program is consistent with the company's plan to enhance returns on equity through shifting capital to higher returning investments, maintaining capital discipline and funding growth in shareholder distributions.