ConocoPhillips Updates Angola and Gulf of Mexico Drilling Results
April 22 2015 - 8:44AM
Business Wire
ConocoPhillips (NYSE: COP) today announced the Omosi-1 deepwater
exploration well in Block 37 offshore Angola in the Kwanza Basin
has been drilled to a total depth of 20,666 feet. A gas column of
approximately 525 feet was encountered in the primary objective
reservoir. No further activity is planned. The well has been
plugged and abandoned.
In the deepwater Gulf of Mexico, the Harrier prospect in
Mississippi Canyon Block 118 has been drilled to a total depth of
19,400 feet. No commercial hydrocarbons were encountered. The well
will be plugged and abandoned. Stone Energy Offshore, L.L.C. was a
non-operating co-owner in the Harrier prospect.
An after-tax charge relating to the two wells of approximately
$142 million net to ConocoPhillips will be recorded to dry hole
expense in the first quarter of 2015.
The total before-tax exploration expense for the quarter is
estimated to be $482 million, which includes dry hole, leasehold
impairment, G&A, and G&G expense.
--- # # # ---
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 27
countries, $53 billion in annual revenue, $117 billion of total
assets, and approximately 19,100 employees as of Dec. 31, 2014.
Production from continuing operations, excluding Libya, averaged
1,532 MBOED in 2014, and proved reserves were 8.9 billion BOE as of
Dec. 31, 2014. 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;
international monetary conditions; 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.
ConocoPhillipsKris Sava, 281-293-1808
(media)kris.sava@conocophillips.comorSidney J. Bassett,
281-293-5000 (investors)sid.bassett@conocophillips.comorVladimir R.
dela Cruz, 281-293-5000
(investors)v.r.delacruz@conocophillips.com
ConocoPhillips (NYSE:COP)
Historical Stock Chart
From Mar 2024 to Apr 2024
ConocoPhillips (NYSE:COP)
Historical Stock Chart
From Apr 2023 to Apr 2024