CONOCOPHILLIPS: NEW ENERGY AMBITIONS OR GREENWASHING?

It's the thing to do in Big Oil these days, but what is the real motive?

ConocoPhillips to Boost Spending on Alternative Energy Research by Up to 60 Percent
Lauren Villagran, March 14, 2007 (AP via Yahoo Finance)

WHO
ConocoPhillips…the country's third-largest integrated oil company behind Exxon Mobil Corp. and Chevron Corp. Last year, ConocoPhillips earned $15.55 billion -- its highest earnings ever…

WHAT
ConocoPhillips said it would increase research and development spending on biofuels and other alternative energies to $150 million, or about 38 percent of its total technology budget of $400 million….

WHEN
Chief Executive Jim Mulva said…the company expects to make announcements about new projects involving ethanol, biodiesel and other alternative energies…

WHERE
An investor meeting in New York City…

WHY
ConocoPhillips…plans to boost spending on alternative energy research this year by as much as 60 percent -- a move analysts say will help the large integrated oil company catch up with rivals… ConocoPhillips finds itself playing catch-up…[but] the sector is still in its infancy and has room for new players and new technologies…

QUOTES
Spending on energy alternatives amounts to a sliver of ConocoPhillips total capital spending budget. However, the increased spending on alternative energy research comes as the company slashes its overall budget 25 percent…