On April 25th ConocoPhillips held its first quarter 2013 earnings call. During the call and during questioning, ConocoPhillips’s Niobrara activities on and around its Lowry Bombing Range properties were briefly mentioned. The mentions confirm some rumor and hearsay about their activities on the Range. Full text of the earnings call can be found at Seeking Alpha.
Excerpts from the earnings call follow below:
Matthew J. Fox – Executive Vice President of Exploration and Production – “In the Niobrara play, we drilled 3 wells in the first quarter. Currently, our pace is somewhat limited by gathering and infrastructure build-out here. Our well results are encouraging, but it’s still early days.”
Paul Y. Cheng – Barclays Capital, Research Division
This is real quick. Matt, I think, in Eagle Ford, that you’re primarily frac oil. And do you have any rough estimate in terms of the spread between frac oil, condensate, NGL and gas for your position in the Niobrara, Wolfcamp and Canol Shale?
Matthew J. Fox – Executive Vice President of Exploration and Production
It’s still very early days from the — in all of those. And they — we do see — have a higher liquids yield in the Niobrara, for example. And the wells we’ve tested there all have a high crude oil yield. The — in the Permian, I think the most recent stuff I saw from our Avalon wells was 60% crude oil percentage. And then I think you mentioned the Canol. We don’t have a well test in the Canol yet, we just had — we just tried — drilled and cored and logged to those wells, so we don’t have an estimate of that yet.
To view the full text of the earnings call visit Seeking Alpha