Conoco Phillips raises its stake in Alaska.

By Wesley Loy, Anchorage Daily News, Alaska Knight Ridder/Tribune Business News

Dec. 11--Conoco Phillips Co. plans to spend about $700 million in Alaska next year on exploration and production activity, executives with the Houston-based energy firm said Friday.

The planned spending is part of a $6.9 billion global capital budget that commits $1.4 billion for exploration and production in the North Sea and West Africa; $900 million for the Asia Pacific region; $900 million for the Lower 48 and Latin America; $700 million for Canada; and $400 million for Russia and the Caspian Sea region.

The Alaska money will go toward drilling four North Slope …