The key news from this morning's ConocoPhillips third quarter investor presentation was that Hilcorp will likely be the new operator of the Prudhoe Bay unit after Hilcorp's deal with BP closes in 2020, and that this coming winter will be ConocoPhillips' busiest winter drilling season ever on the North Slope.
When asked what changes were expected in Alaska with BP soon exiting the state and Hilcorp taking over its ownership in the Prudhoe Bay oil field, Michael D. Hatfield, Conoco's president for Alaska, Canada and Europe, said "although it's still early stages … we're very excited" about Hilcorp taking over.
Hatfield praised Hilcorp's "track record in Alaska" for increasing production from mature fields and said he sees "opportunities" for ConocoPhillips and the other Prudhoe Bay owners to "increase value" from Prudhoe with Hilcorp as the new operator of the field.
Regarding the upcoming North Slope winter exploration season, he said it would be the "busiest ever" for ConocoPhillips, saying details would be released at the company's Nov. 19 investor presentation in Houston.
- KAY CASHMAN
See story in Nov. 3 issue, available Friday, Nov. 1 at www.PetroleumNews.com.
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