ConocoPhillips Proved Reserves Fall 20% After Deals
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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.