conoco announces eagleford, page-2

http://www.foxbusiness.com/story/markets/industries/energy/conocophillips-scales-drilling-discloses-texas-buys/


Wednesday, March 11, 2009
ConocoPhillips Scales Back Drilling, Discloses Texas Buys

NEW YORK -- 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.



ConocoPhillips Eyes Natural Gas Shale Investments -Executive
March 11, 2009: 11:54 AM ET

NEW YORK -(Dow Jones)- ConocoPhillips (COP) plans to continue investing in unconventional natural gas basins and has built up positions in the Haynesville and Eagle Ford shale reservoirs, Jim Gallogly, the company's executive vice president of exploration and production, said Wednesday.

"We're going to be a player in unconventional resources in a big way in the future," said Gallogly, speaking at ConocoPhillips' analyst meeting in New York.
Gas shale reservoirs have sparked a flurry of drilling activity from independent producers including Chesapeake Energy Corp. (CHK) and Petrohawk Energy (HK), but oil majors' involvement has been limited. And producers are sharply reducing rig counts as natural gas prices tumble.

ConocoPhillips has acquired a leading position in south Texas' Eagle Ford shale, buying up 300,000 net acres ahead of the rest of the industry at low cost, Gallogly said. The company also has a position in Louisiana's Haynesville Shale.