ConocoPhillips - (Burlington Resources)
ConocoPhillips operates much of the company's North American assets under its subsidiary name Burlington Resources. Burlington operates Conoco's Eagle Ford Shale assets that stretch along the gas condensate and liquids rich trend of the play. The company targets an area of the Eagle Ford with high liquids yields that improve cash margins to the company. Conoco reports over 220,000 acres of core Eagle Ford properties in South Texas. Recent wells have produced as much as 1,000 barrels a day and over 1 mmcfd. ConocoPhillips is an international energy corporation that has more recently begun a focus on liquids plays such as the Bakken Shale and Eagle Ford Shale. The company headquarters is located in Houston, Texas and this office serves as the field and operations office for the Eagle Ford Shale. Conoco's stock is traded on the NYSE under the symbol COP. ConocoPhillips is one of the largest energy companies in the world.
Conoco Inc. was started in 1875 as the Continental Oil and Transportation Co. Based in Ogden, Utah. The company now operates in more than 30 countries.
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Counties Where ConocoPhillips is Active
- Austin County
- Bee County
- Colorado County
- DeWitt County
- Fayette County
- Karnes County
- Lavaca County
- Live Oak County
ConocoPhillips Eagle Ford Shale Quarterly Commentary
ConocoPhillips reports Eagle Ford production at for Q1 2016. The also announced they are experiencing strong efficiencies in the area and are leveraging technology and working with vendors to improve performance and capture deflation where possible.
First quarter production at Eagle Ford was 168,000 oil equivalent barrels per day.
ConocoPhillips did not report on its Eagle Ford activity this quarter. The 2015 summary includes:
- Achieved full-year production of 1,589 MBOED; 5 percent production growth from continuing operations, adjusted for Libya, downtime and dispositions.
- Lowered operating costs by 14 percent year over year.
- Reduced 2015 capital by 41 percent compared with 2014.
- Achieved major project startups at APLNG and Surmont 2.
- Completed additional startups at Eldfisk II, CD5, Drill Site 2S, Enochdhu and the Brodgar H3 subsea tie-back.
- Announced phased exit from deepwater exploration.
- Completed approximately $2 billion of non-core asset dispositions across the portfolio.
- Ended the year with $2.4 billion of cash and cash equivalents.
May 1, 2014
ConocoPhillips continues to see significant growth in its North American shale interests. The Eagle Ford and Bakken had combined production of 183,000 boe/d for the first quarter of 2014. That's an increase of 41% compared to the first-quarter of 2013. In the Eagle Ford alone, Conoco achieved a new peak daily production rate of 163,000 boe/d.
October 25, 2012
Planning a continued ramp up in the Bakken and Eagle Ford. In the Lower 48 and Latin America segment, third-quarter production was 462 thousand barrels of oil equivalent (BOE) per day, an increase of 28 thousand BOE per day compared to the same period of 2011. Significant growth continues from the ramp up of several high-margin, liquids-rich shale plays, including Eagle Ford and Bakken. Eagle Ford reached a record production level of 86 thousand BOE per day in the third quarter. For the quarter, these shale plays delivered approximately 102 thousand BOE per day, a 51 thousand BOE per day increase compared to the third quarter of 2011.
July 25, 2012
In the Lower 48 and Latin America segment, the company continues to advance several high-margin growth projects across its asset base. Ongoing ramp up of production from liquids-rich shale plays, including Eagle Ford and Bakken, delivered approximately 50,000 barrels of oil equivalent (BOE) per day more production for the quarter than a year ago. Based on positive results to date, the company has identified extensive development potential over the next several years and is directing additional investments to these projects.
April 23, 2012
Efforts continue to drill our liquids-rich shale plays in North America in the Eagle Ford, the Bakken, the Permian and the Cardium plays. At Eagle Ford, we expect to maintain a 16-rig average and drill about 180 wells in 2012. First quarter production averaged 54,000 BOE per day, and current production capacity is around 60,000. It will be our priority to stay ahead of condensate takeaway capacity to reduce any further curtailments. And system constraints are now primarily related to gas takeaway capacity in construction and some other infrastructure.
January 25, 2012
The company’s North American unconventional assets were a source of high-margin production growth during the quarter and the year. Fourth-quarter production from Eagle Ford, Bakken and Barnett shale plays and Canadian oil sands assets averaged 153,000 BOE per day, an increase of 53,000 BOE per day from a year ago. At Eagle Ford, production exceeded 50,000 BOE per day in late December and is expected to grow to 100,000 BOE per day by the end of 2012.
October 25, 2011
Third quarter production at Eagle Ford was 31,000 BOE per day with 77% liquids. We operated 15 rigs in this play in the third quarter, and we expect to be up to 16 rigs by year end. September production at Eagle Ford was 36,000 BOE per day, which reflected about 10,000 to 12,000 BOE per day of curtailments due to third-party trucking constraints. We continue to work closely with other companies to increase production offtake capacity in the near and long term.
July 26, 2011
"Our current production at Eagle Ford is about 24,000 BOE per day. Well results there remain encouraging, but we do have some production curtailments due to third-party condensates trucking constraints. We are still -- we're getting about 75% liquids content at Eagle Ford. We're operating 13 rigs in this -- we operated 13 rigs in this play during the second quarter, and we expect to be up to 16 rigs there by year end."
April 27, 2011
“…In the Lower 48 shale plays of Eagle Ford, North Barnett and Bakken, exploration and development continues with 20 operated rigs currently drilling. Results from these programs continue to meet or exceed expectations. ….”