ConocoPhillips, BP to cut 2010 investments in Alaska

11/19/2009 | Wall Street Journal, The

London-based BP unveiled plans to cut its 2010 capital spending for Alaska by 15%, saying that the state's new tax system drives up rates for companies when oil prices increase. ConocoPhillips also intends to reduce its spending onshore in Alaska next year and shift its focus to the Chukchi Sea after getting lackluster results from exploration activities, a company spokesman said.

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