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Page added on January 24, 2012
ConocoPhillips Reports 2011 Organic Reserve Replacement of 120 percent
ConocoPhillips [NYSE:COP] today announced preliminary 2011 organic net proved reserve additions of 738 million barrels of oil equivalent (BOE). This represents an expected organic reserve replacement ratio of 120 percent of 2011 production.
“Replacing our 2011 production with new reserves reflects the success of our strategic focus on organic growth,” said Jim Mulva, chairman and chief executive officer. “We added reserves throughout our globally diverse asset base, through focused investment on high-return opportunities.”
Reserves were added across the portfolio, including at the company’s Canadian oil sands properties at Christina Lake and Surmont; in liquids-rich U.S. shale trends, such as Eagle Ford and Bakken; in the North Sea, through expansion projects in the Ekofisk, Eldfisk and Clair developments; and in Malaysia, with sanctioning of the Kebabangan project and ongoing development of the Gumusut Field. Reserve additions were also delivered across the company’s North American conventional asset portfolio.
“With a substantial captured resource base providing significant exploitation opportunities and continued execution of major projects around the world, we remain committed to our goal to grow production and reserves,” added Mulva.
Acquisitions and dispositions are expected to reduce reserves by 45 million BOE, primarily reflecting dilution of the company’s interest in the Australia Pacific LNG project and sale of North American natural gas assets. The total reserve replacement ratio is expected to be 112 percent of 2011 production. Production for the year is expected to be 617 million BOE, including fuel gas. ConocoPhillips expects to end 2011 with 8.4 billion BOE of proved reserves.
The company will provide final information related to its 2011 oil and gas reserves and finding and development costs in its Annual Report on Form 10-K, expected to be filed with the Securities and Exchange Commission in late February.
3 Comments on "ConocoPhillips Reports 2011 Organic Reserve Replacement of 120 percent"
DC on Tue, 24th Jan 2012 12:29 pm
FU Conoco, if the Canadian Govt represented the country, instead of big oil, there is no way you would be able to ‘claim’ the toxic sludge form the tar-sands as ‘yours’. But…thats not how things work. Thanks to the Amerikan Free-Energy agreement, aka NAFTA, amerikan oil cartels can actually truthfully the sorta-oil under Canadian soil is ‘theres’. And produce BS reports like this. No one is adding more oil than they consume, that hasnt been the case for what..40 years now?
And the current and past govts have aided and abetted this theft of our NNR’s and the encouraged the destruction its extraction causes. By shielding amerikan mega-corps operating on Canadian territory from any wrong-doing. And they do wrong a lot..
BillT on Tue, 24th Jan 2012 12:40 pm
DC, Right On! More Big Oil BS!
Kenz300 on Wed, 25th Jan 2012 4:26 pm
Big oil and coal have the world backed into an energy corner. We need to diversify our energy types and sources. Wind, solar, wave energy, geothermal and second generation biofuels made from algae, cellulose and waste can help to reduce our dependence on oil and coal. Until the world gets the never ending population growth to end we are traveling down a path that is unsustainable. The world has a food crisis, a water crisis, an oil crisis, a financial crisis, a jobs crisis and an overpopulation crisis. All these problems are made harder to solve with the ever growing world population.