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ConocoPhillips Delays Wilhelmshaven Upgrade Project
HOUSTON -(Dow Jones) November 17, 2009– ConocoPhillips (COP) said Tuesday it would delay a planned upgrade of its Wilhelmshaven refinery in Germany as part of a bid to cut costs.
The project, designed to increase the diesel output of the 260,000 barrel-per- day refinery as well as allow it to process less expensive crude, will be re- evaluated “as market conditions warrant,” said Willie Chiang, Conoco’s senior vice president for Refining, Marketing and Transportation. The company will continue certain procurement and permitting activities currently in progress to allow the project a “smooth” restart later, Conoco said in a press release.
The third-largest U.S. oil company by market capitalization recently announced that it would cut its capital budget for 2010 as it endeavors to reduce debt and increase cash flow. Conoco, which has large North American gas assets and refining operations, has been the hardest hit of the U.S. oil majors by the drop in energy prices due to the economic recession.
ConocoPhillips shares recently fell 4 cents to $53.80.
-By Angel Gonzalez, Dow Jones Newswires; 713-547-9214;angel.gonzalez@ dowjones.com
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