ConocoPhillips Posts 2009 Reserve Replacement of 141%

ConocoPhillips, the third-largest U.S. oil company, said it had net proved reserve additions of about 1.22 billion barrels of oil equivalent last year and a replacement ratio of 141 percent after changes in reporting regulations.

Proved reserves totaled 10.3 billion barrels of oil equivalent at the end of 2009, Houston-based ConocoPhillips said today in a statement.

ConocoPhillips said the reserve replacement ratio was based on production of 865 million barrels of oil equivalent, including fuel gas. The ratio was helped by the inclusion of Syncrude Canada Ltd.’s oil-sands mining business and net additions from the company’s stake in Russia’s OAO Lukoil, President John Carrig said in today’s statement.

Read Full Article from BusinessWeek

- Posted: 2010-02-18 10:20:52

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