This excerpt taken from the MRO 10-K filed Feb 27, 2009.
OutlookSTYLE="margin-top:12px;margin-bottom:0px">Capital, Investment and Exploration Budget
SIZE="2">Our Board of Directors approved a capital, investment and exploration budget of $5,738 million for 2009, which includes budgeted capital expenditures of $5,547 million. This represents a 24 percent decrease from 2008 spending. The focus of
FACE="Times New Roman" SIZE="2">The budget includes worldwide exploration and production spending of $2,468 million. A significant amount of this budget, 45 percent, is targeted on projects that will sustain and grow production in the short-term,
The budget includes $887 million
Detroit refinery heavy oil upgrading and expansion project. The remainder of the budget is allocated to maintaining facilities and meeting regulatory requirements, notably the Mobile Source Air Toxics (MSAT) regulations that will be
effective at the beginning of 2011.
The remaining $439 million relates to capitalized interest and corporate activities.STYLE="margin-top:12px;margin-bottom:0px; text-indent:3%">The forward-looking statements about our capital, investment and exploration budget are based on current expectations, estimates and projections and are
not guarantees of future performance. Actual results may differ materially from these expectations, estimates and projections and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult
to predict. Some factors that could cause actual results to differ materially include prices of and demand for crude oil, natural gas and refined products, actions of competitors, disruptions or interruptions of our production or refining operations
due to the shortage of skilled labor and unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response, and other operating and economic considerations. STYLE="margin-top:12px;margin-bottom:0px">Exploration
Major exploration activities are
Angola We hold a 10 percent outside-operated interest in offshore Block 31
Norway We hold interests in over 510,000 acres offshore Norway
announced in February 2009 by the operator. We own a 10 percent outside-operated interest in this prospect. Additional prospects have been identified in the Gulf of Mexico deepwater leases acquired in 2007 and 2008. These projects make up the core
of our 2009 through 2010 Gulf of Mexico exploration drilling plans.
Indonesia We continue to evaluate seismic data on the Pasangkayu Block offshore Indonesia
SIZE="2">U.S. onshore We announced a discovery in the Woodford Shale in January 2009. We hold 30,000 net acres in the Woodford Shale resource play in the Anadarko Basin of Oklahoma and plan to participate in more horizontal wells in
FACE="Times New Roman" SIZE="2">Equatorial Guinea We are evaluating development scenarios for the Deep Luba and Gardenia discoveries on the Alba Block, one of which includes production through the Alba field infrastructure. We own a 63