ConocoPhillips raises estimate for Eagle Ford assets but shares -1.9% • 12:51 PM
•ConocoPhillips (COP -1.9%) raises its estimate for the size of its Eagle Ford resource base by 40% and reaffirms its long-term production and margin growth targets and capital spending plans.
•COP now estimates Eagle Ford barrels of oil in place totals ~2.5B vs. 1.8B in a prior estimate, and projects production to increase to more than 250K boe/day by 2017.
•Reaffirms its objective to deliver double-digit returns annually and consistently deliver 3%-5% compound annual growth in production and margins.
•Plans to execute a disciplined capital program of ~$16B/year over the next several years
I think it would have been responsible of management to included something concerning what COP plans to do to increase renewables, since the company has acknowledged global climate change as a real issue that needs to be addressed.