During the call the the company’s EVP, Exploration and Production briefly mentioned the Conoco’s Niobrara operations a few times, but did not provide much detail regarding the Niobrara.
Matt Fox reported that: “We’ve also made good progress in our Permian and Niobrara appraisal activities in 2014. In the Permian, we’re currently focused on appraising the multiple stack horizons in the Delaware Basin. And then in Niobrara, we’re testing several alternative well configurations and completion techniques. In both areas we continue to see encouraging results.”
When asked by Doug Leggate, Bank of America Merrill Lynch if where the company would concentrate its budget considering the some of the Lower 48 portfolio challenges, Matt Fox said: “So, this is really an opportunity to exercise the flexibility. And we would anticipate, we would ramp more slowly than the previous plans would be in our less mature plays. So we don’t need to ramp as quickly in the Permian as we previously thought, so we could take some scope there, and the same applies in the Niobrara and to some of our plays in Western Canada. So those are the primary areas where we could take some flexibility without having any significant impact on the rate between now and 2017.”
To view the complete earnings call transcript, visit ConocoPhillips (COP) CEO Ryan Lance on Q3 2014 Results – Earnings Call Transcript at Seeking Alpha