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NEWS BULLETIN

October 26, 2011 --- Vol. 17, No. 91October 2011

ConocoPhillips earnings up, production down

ConocoPhillips earned $501 million in Alaska in the third quarter of the year, a 39 percent increase over the third quarter of 2010, because of increased oil prices.

Those prices masked a dubious milestone for the largest producer in the state, perhaps the first time quarterly production fell below 200,000 barrels of liquids per day in Alaska.

ConocoPhillips produced 199,000 bpd in Alaska in the third quarter, down from 223,000 bpd in the second quarter of the year and 215,000 bpd in third quarter of last year. By comparison, ConocoPhillips produced 174,000 bpd in the Lower 48 during the quarter. The company reported a realized price of $107.26 per barrel from Alaska oil and natural gas liquids during the quarter, compared to $72.30 per barrel for its Lower 48 liquids.

ConocoPhillips produced 56 million cubic feet of natural gas in Alaska in the quarter, down from 62 mmcf per day in the second quarter and 82 mmcf per day in the third quarter of 2010. By comparison, the company produced 1.5 billion cubic feet per day of gas from its Lower 48 assets, down slightly quarter-over-quarter and year-over-year. The company reported a realized price of $5.04 per thousand cubic feet for its Alaska natural gas, compared to an average of $4.15 per mcf for its natural gas in the Lower 48.

After selling just 18 million cubic feet per day of liquefied natural gas in the second quarter, ConocoPhillips sold 45 mmcf per day in the third quarter, the result of an unexpected shipment from the soon-to-be-mothballed export terminal in Nikiski.

—Eric Lidji

See story in the Oct. 30 edition of Petroleum News, which will be online Friday Oct. 28 at 11 a.m. at www.petroleumnews.com.

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