ConocoPhillips Announces Successful Results of 2018 Winter Exploration and Appraisal Program in Alaska
April 16 2018 - 8:30AM
Business Wire
ConocoPhillips (NYSE:COP) today announced it has concluded its
2018 winter exploration and appraisal program in Alaska.
The company’s original plan was to drill five wells on the
Western North Slope comprising two appraisal wells of the Willow
Discovery announced in January 2017, plus three exploration wells.
Due to improved drilling efficiencies, the company was able to
drill a total of six wells, including an additional Willow
appraisal well. All six wells plus a sidetrack encountered oil and
verified the potential of the play.
The three Willow appraisal wells support the previously
announced estimate of a recoverable resource potential of at least
300 million barrels of oil.
The three exploration wells represent new discoveries for the
company and further extend the play concept across the Western
North Slope.
As part of the exploration program, a total of five production
flow tests were conducted. Results from all five tests were
encouraging.
The company will assess the extensive information and results
from this winter’s activities in anticipation of another active
exploration and appraisal season in 2019.
“The results of this year’s program are promising,” said Matt
Fox, executive vice president, Strategy, Exploration &
Technology. “We are excited about the opportunity to extend our
legacy in Alaska where we have a long track record of operational
success and value creation.”
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About ConocoPhillips
ConocoPhillips is the world’s largest independent E&P
company based on production and proved reserves. Headquartered in
Houston, Texas, ConocoPhillips had operations and activities in 17
countries, $73 billion of total assets, and approximately 11,400
employees as of Dec. 31, 2017. Production excluding Libya averaged
1,356 MBOED in 2017, and proved reserves were 5.0 billion BOE as of
Dec. 31, 2017. For more information, go to
www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES
OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of
our operations or operating results. In many cases you can identify
forward-looking statements by terminology such as "anticipate,"
"estimate," "believe," "continue," "could," "intend," "may,"
"plan," "potential," "predict," "should," "will," "expect,"
"objective," "projection," "forecast," "goal," "guidance,"
"outlook," "effort," "target" and other similar words. However, the
absence of these words does not mean that the statements are not
forward-looking. Where, in any forward-looking statement, the
company expresses an expectation or belief as to future results,
such expectation or belief is expressed in good faith and believed
to have a reasonable basis. However, there can be no assurance that
such expectation or belief will result or be achieved. The actual
results of operations can and will be affected by a variety of
risks and other matters including, but not limited to changes in
commodity prices; changes in expected levels of oil and gas
reserves or production; operating hazards, drilling risks,
unsuccessful exploratory activities; difficulties in developing new
products and manufacturing processes; unexpected cost increases or
technical difficulties in constructing, maintaining, or modifying
company facilities; international monetary conditions and exchange
rate fluctuations; our ability to liquidate the common stock issued
to us by Cenovus Energy Inc at prices we deem acceptable, or at
all; our ability to complete the sale of our announced dispositions
on the timeline currently anticipated, if at all; the possibility
that regulatory approvals for our announced dispositions will not
be received on a timely basis, if at all, or that such approvals
may require modification to the terms of our announced dispositions
or our remaining business; business disruptions during or following
our announced dispositions, including the diversion of management
time and attention; the ability to deploy net proceeds from our
announced dispositions in the manner and timeframe we currently
anticipate, if at all; potential liability for remedial actions
under existing or future environmental regulations; potential
liability resulting from pending or future litigation; limited
access to capital or significantly higher cost of capital related
to illiquidity or uncertainty in the domestic or international
financial markets; and general domestic and international economic
and political conditions; as well as changes in tax, environmental
and other laws applicable to our business. Other factors that could
cause actual results to differ materially from those described in
the forward-looking statements include other economic, business,
competitive and/or regulatory factors affecting our business
generally as set forth in our filings with the Securities and
Exchange Commission. Unless legally required, ConocoPhillips
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180416005379/en/
ConocoPhillipsChristina Kuhl, 281-293-4028
(media)christina.kuhl@conocophillips.comDaren Beaudo, 281-293-2073
(media)daren.beaudo@conocophillips.comNatalie Lowman, 907-263-4153
(Alaska media)n.m.lowman@conocophillips.comAndy O’Brien,
281-293-5000 (investors)andy.m.obrien@conocophillips.com
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