ConocoPhillips replaces 141% of reserves

ConocoPhillips (COP) today announced 2009 preliminary net proved reserve additions of approximately 1.216 billion barrels of oil equivalent (BOE), including equity affiliates. The company’s reserve replacement ratio was 141 percent, based on 865 million BOE of production, including fuel gas. ConocoPhillips’ total proved reserves at year-end 2009 were 10.326 billion BOE. 

“Our strong reserve replacement ratio was achieved by progressing major projects during 2009,” said John Carrig, president and chief operating officer. “Our reserve replacement ratio also benefited from the addition of Syncrude oil sands mining operations and net reserve additions from our LUKOIL Investment segment.” 

Year-end proved reserves include 248 million barrels associated with the company’s Canadian Syncrude operations, now required under recent changes in the U.S. Securities and Exchange Commission (SEC) regulations. The company’s organic reserve replacement ratio, excluding Syncrude as well as sales and acquisitions, was 110 percent.

Costs incurred for 2009 are $10.936 billion, resulting in finding and development costs for the year of $8.94 per BOE. The company’s five-year average reserve replacement was 145 percent and its five-year average finding and development cost per BOE was $13.57. The company will provide additional details on its 2009 proved reserves in its Annual Report on Form 10-K, expected to be filed with the SEC in late February.

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