Conoco Phillips one of the possible buyers for TMR assets
Conoco Phillips scales back drilling, discloses Texas buys
By Steve Gelsi
Last update: 10:29 a.m. EDT March 11, 2009
NEW YORK (MarketWatch) -- ConocoPhillips CEO Jim Mulva said the oil and gas giant is scaling back some drilling programs in North America because of low energy prices and dips in demand tied to the recession, but the company still plans to meet its overall production forecast for the year. Officials at the Houston energy firm said the company has been quietly acquiring acreage in Maverick and La Salle counties in southern Texas in the Eagleford shale region rather than paying higher costs for other oil shale acreage. Looking ahead, ConocoPhillips plans to ramp up its efforts in unconventional natural gas, the company said. Apache and Petrohawk have both been talking about success in Eagleford, ConocoPhillips executives noted.
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