ConocoPhillips: Early Indications Show 300% Reserve Additions
ConocoPhillips announced preliminary proved reserve additions for 2006 of approximately 300 percent of the company's barrels-of-oil-equivalent (BOE) production.
Proved reserve additions, including sales and acquisitions, are expected to be approximately 2.6 billion BOE. Production for the year is expected to be approximately 880 million BOE, including fuel gas. The company expects to end 2006 with approximately 11.1 billion BOE of proved reserves. These reserves exclude 0.3 billion barrels associated with the company's Canadian Syncrude operations. In addition, while the company announced the joint venture with EnCana in 2006, the transaction closed in early 2007. Accordingly, initial reserve additions for the EnCana joint venture are expected to occur in 2007 and are not included in 2006 reserves.
Reserve additions from acquisitions are expected to be approximately 2.5 billion BOE, reflecting the acquisition of Burlington Resources and increased ownership in LUKOIL. Reserve additions from major projects and investments were largely offset by downward reserve revisions, including the impact from reservoir performance, annual field life evaluations, and country exit.
The company will provide additional, final information related to its 2006 oil and gas reserves in its Annual Report on Form 10-K, expected to be filed with the U.S. Securities and Exchange Commission in late February.
ConocoPhillips is an integrated petroleum company with interests around the world.
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