ConocoPhillips Eyes Natural Gas Shale Investments -Executive

March 11, 2009: 11:54 AM ET


NEW YORK -(Dow Jones)- ConocoPhillips (COP) plans to continue investing in unconventional natural gas basins and has built up positions in the Haynesville and Eagle Ford shale reservoirs, Jim Gallogly, the company's executive vice president of exploration and production, said Wednesday.

"We're going to be a player in unconventional resources in a big way in the future," said Gallogly, speaking at ConocoPhillips' analyst meeting in New York.

Gas shale reservoirs have sparked a flurry of drilling activity from independent producers including Chesapeake Energy Corp. (CHK) and Petrohawk Energy (HK), but oil majors' involvement has been limited. And producers are sharply reducing rig counts as natural gas prices tumble.

ConocoPhillips has acquired a leading position in south Texas' Eagle Ford shale, buying up 300,000 net acres ahead of the rest of the industry at low cost, Gallogly said. The company also has a position in Louisiana's Haynesville Shale.

Buck

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I had forgotten but remembered once we got to talking about Conoco. They did expand the size of their well pads back in December, from 350'x350' to 425'x425'. I even went back on some already built pads. Future HS development could be a factor.
herefordsnshale, I couldn't post under your question above but here is a link to the map that was posted on KTRE TV's website:

http://www.ktre.com/Global/story.asp?s=9556751

I think there was also one in the Nacogdoches paper.
herefordsnshale, if you want an even more detailed map you can go to the following link:

http://www.transcanada.com/keystone/kxl.html#maps
Jim, all I'm telling you is that there are no engineers, geologists, analysts, lab tech's, accountants, managers, LANDMEN, etc. working for Burlington Resources! None. So, you are right in that there are leases under BR but no people working for the so-called company. Now, that again is my main point. Saying that Burlington "OPERATES" ConocoPhillips' unconventional fields is just plain wrong. There is no one working for Burlington so how can they operate??? Check the signatures on any of those permits, leases, assignments, etc. Give me a name and I'll tell you who they work for. And it will be easy...they ALL work for ConocoPhillips, not the company formerly known as Burlington.

And, on all of those permits, check the address. Is it P.O. Box 2197, Houston?? Guess who's address that is? hint...CoP
Jim: don't forget, Conoco shareholders got the shaft to go along with their 43.4%! except for the CEO, he got a nice package!
Jay, as an ex-Conoco guy, I can definetly tell you that Conoco only "bought" Phillips on SEC paperwork. And its mostly Phillips folks that are left. Look at their management committee...only one Conoco guy left. No Burlington guys.

And I'm done with the Burllington/ConocoPhillips argument with Jim. He is living in la-la land thinking there is still a functioning company called Burlington. Yes, the permits are issued in their name but the operation is ConocoPhillips. The mailing address is ConocoPhillips. The people all work for ConocoPhillips. If you can find an office with Burlington's name on it, please let me know where? Go to any drilling rig working on a well permitted to Burlington and ask the drilling foreman who he works for. Bet you $100 he says ConocoPhillips. Done.
Jim: there are many Conoco gas stations around the country and their are some Union 66 stations as well. Does that mean that there is still a company called Conoco or Union 66? They are a brand, but the gasoline is refined by COP, managed/transported by Cop and the profit goes to COP.

We've argued this mundane issue for far too long. Have a good one!
Thanks a lot for the map links Les and Sandstone. I was wondering if any of the land I work on would be affected. It looks like there may be some on the western end.

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