ConocoPhillips increases reserves by 138% on unconventional drilling

Source: ConocoPhillips

ConocoPhillips (NYSE:COP) announced preliminary 2010 organic net proved reserve additions of 920 million barrels of oil equivalent (BOE). The Exploration and Production segment’s organic reserve replacement ratio is expected to be 138 percent of 2010 production. 

“The year’s performance in reserve replacement is attributable to the execution of our major projects, including development of unconventional North American resources,” said Jim Mulva, chairman and chief executive officer. “We concentrated much of our drilling and development activity on liquids prospects, given the strength of the oil market, and succeeded in adding significant reserves from our oil sands properties in Canada and our assets in Alaska. In addition, significant gas reserves were added in Qatar. These successes reconfirm the viability of our strategic focus on organic development.” 

Acquisitions and dispositions are expected to reduce reserves by 2.2 billion BOE, primarily reflecting the company’s divestment of its interest in OAO LUKOIL. E&P production for the year is expected to be 665 million BOE, including fuel gas. LUKOIL production is expected to be 110 million BOE. ConocoPhillips expects to end 2010 with 8.3 billion BOE of proved reserves. 

The company will provide final information related to its 2010 oil and gas reserves and finding and development costs in its Annual Report on Form 10-K, expected to be filed with the SEC in late February.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,800 employees, $155 billion of assets, and $184 billion of annualized revenues as of September 30, 2010.

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