Further, it continues to progress toward the first production of the next two expansion phases at its Canadian oil sands joint venture with Cenovus Energy (NYSE: CVE) as well as its Alder project in Europe. Meanwhile, one of its pipelines in Canada sprung a leak, causing at least 2,400 barrels of oil to spill, and its Melmar exploration well in the Gulf of Mexico turned out to be nothing but a dry hole. Finally, ConocoPhillips was able to pull additional money out of its CapEx budget without impacting production due in part to its ability to capture cost deflation.
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