ConocoPhillips expects to spend approximately $15 billion in 2012, an increase from earlier estimates brought by foreign exchange effects in Australia and Canada. "If you look over the last several years ... the Aussie dollar has strengthened considerably against the U.S. dollar," said Jeff Sheets, Conoco's chief financial officer. A large portion of the budget will go to exploration and production, and approximately $5 billion will be allocated for U.S. upstream projects, Conoco said.

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