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TheStreet Open House

ConocoPhillips Reports Second-Quarter Earnings Of $2.3 Billion Or $1.80 Per Share

Stocks in this article: COP

In Europe, development continues across a number of high-margin growth projects in the North Sea, including the Jasmine Field, Ekofisk South and Eldfisk II expansion projects. Portfolio optimization continued with the disposition of the Alba and Statfjord nonoperated fields.

ConocoPhillips continues to build momentum across its unconventional and conventional exploration portfolio. In unconventional plays, several North American pilot programs are underway in liquids-rich opportunities that include Niobrara, Avalon, Wolfcamp and Duvernay. The company is also building and evaluating positions in additional areas of interest within North America. Internationally, the company began appraisal activities in Western Australia to evaluate the company’s large resource potential in the Canning Basin.

In conventional exploration, the company also made significant progress during the quarter. In the deepwater Gulf of Mexico, drilling is in progress at three nonoperated wells, including an appraisal well at the Shenandoah prospect and two wildcat wells at the Bioko and Coronado prospects. The company also continued to build its deepwater prospect inventory in the Gulf of Mexico, acquiring additional blocks in the June lease sale. The company now holds more than 340 blocks in the Gulf of Mexico.

In the Browse Basin, offshore northwest Australia, the appraisal program has resumed with the drilling of the Boreas well. Seismic activities were completed in the deepwater Bay of Bengal, offshore Bangladesh. Earlier in the year, the company completed the acquisition of two deepwater blocks and recently commenced seismic activities in Angola’s emerging subsalt play trend.

Second-Quarter Review

Production for the second quarter of 2012 was 1.54 million BOE per day, compared with 1.64 million BOE per day for the second quarter of 2011. As expected, production was lower due to the impact of dispositions and maintenance downtime, as well as curtailments in North American conventional natural gas. Normal field decline was largely offset by additional production from major projects and drilling programs.

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