ConocoPhillips is targeting full-year capital expenditures (capex) of around $7.2 billion in 2022, up from the $5.3 billion forecast for 2021, according to preliminary guidance.

The Houston-based exploration and production (E&P) giant said about 60% of the spend “will be directed to the Lower 48 for short-cycle investment across the company’s extensive, high-quality unconventional asset base.”

The remaining roughly 40% is designated for “mid- and longer-cycle projects across the company’s diverse Alaska and International regions, including ongoing project and development activity in Alaska, a second Central Processing Facility in the Montney play, bolt-on developments in Asia Pacific, and both project and development activity in Norway.”

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