HOUSTON, Feb. 18, 2010 - ConocoPhillips [NYSE:COP] today announced 2009 preliminary net proved reserve additions of approximately 1.216 billion barrels of oil equivalent (BOE), including equity affiliates. The company’s reserve replacement ratio was 141 percent, based on 865 million BOE of production, including fuel gas. ConocoPhillips’ total proved reserves at year-end 2009 were 10.326 billion BOE.
“Our strong reserve replacement ratio was achieved by progressing major projects during 2009,” said John Carrig, president and chief operating officer. “Our reserve replacement ratio also benefited from the addition of Syncrude oil sands mining operations and net reserve additions from our LUKOIL Investment segment.”
Year-end proved reserves include 248 million barrels associated with the company’s Canadian Syncrude operations, now required under recent changes in the U.S. Securities and Exchange Commission (SEC) regulations. The company’s organic reserve replacement ratio, excluding Syncrude as well as sales and acquisitions, was 110 percent.
Costs incurred for 2009 are $10.936 billion, resulting in finding and development costs for the year of $8.94 per BOE. The company’s five-year average reserve replacement was 145 percent and its five-year average finding and development cost per BOE was $13.57. The company will provide additional details on its 2009 proved reserves in its Annual Report on Form 10-K, expected to be filed with the SEC in late February.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 30,000 employees, $153 billion of assets, and $149 billion of revenues as of December 31, 2009. For more information, go to www.conocophillips.com.
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CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
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Costs incurred include capitalized and expensed items as defined by the Financial Accounting Standards Board Codification Topic 932 for the company’s oil and gas exploration and production operations.