By Tess Stynes
ConocoPhillips (COP) raised its estimates for the size of its
resources in the Eagle Ford play in Texas by 40% as the
production-and-exploration company also affirmed its long-term
production and margin growth targets and capital spending
plans.
Company executives outlined the oil-and-gas producer's long-term
objectives at an analysts meeting Thursday in New York.
ConocoPhillips has been selling noncore assets to focus on those
with higher returns, such as U.S. shale formations, which have been
fueling a drilling boom.
The company raised its estimates for its Eagle Ford resources to
2.5 billion barrels from 1.8 billion barrels. Production is
projected to increase to more than 250,000 barrels of oil
equivalent a day by 2017.
"We believe our unconventional resource base is unmatched,
particularly for a company our size," Chairman and Chief Executive
Ryan Lance said in a statement.
ConocoPhillips spun off its refining arm as Phillips 66 in 2012
as part of a multiyear revamp aimed at improving the company's
finances.
The company plans to release its first-quarter financial results
May 1.
Write to Tess Stynes at tess.stynes@wsj.com
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