The Rising Influence of Rising Affluence

[DewDiligence]

COP’s Proved Reserves at Lowest Level Since 2003

[COP reports 4Q10 results later today (Wed).]

http://www.bloomberg.com/news/2011-01-25/conocophillips-proved-reserves-fall-20-after-asset-sales.html

›By Edward Klump - Jan 25, 2011 4:10 PM ET

ConocoPhillips, the third-largest U.S. oil company, said proved reserves of crude and natural gas fell about 20 percent in 2010 as it began to sell its stake in Russia’s OAO Lukoil.

Proved reserves, which are reasonably recoverable in the current economic climate, totaled the equivalent of about 8.3 billion barrels of oil at the end of last year, down from 10.3 billion in 2009, Houston-based ConocoPhillips said today in a statement. The company’s reserves are at their lowest year-end level since 2003, according to data compiled by Bloomberg.

ConocoPhillips cut reserves by about 2.2 billion barrels of oil equivalent due to the sale of its Lukoil stake and other asset sales. ConocoPhillips said last year that it was working to divest its 20 percent interest in the Russian oil company. Production from Lukoil accounted for 110 million barrels in 2010.

ConocoPhillips said production for the year was about 665 million barrels of oil equivalent.

ConocoPhillips added 920 million barrels of oil equivalent in 2010 for projects it’s keeping.

ConocoPhillips sold certain Barnett Shale holdings to private equity firm KKR & Co. LP, according to a separate release today.‹