Conoco Sees Better Earnings Than Expected
Conoco Inc., the sixth-largest U.S. oil company, painted a bright picture of its third-quarter results, saying higher crude oil and natural gas prices should help it beat analysts' current earnings estimates. Chief Executive Archie Dunham told analysts that earnings would be about four to seven cents higher than the consensus of 33 cents a share given by analysts surveyed by First Call/Thomson Financial. "We are very pleased by these results that reflect continued improvement in the business environment and - more importantly - our own operational success," Dunham said in a meeting with analysts in Houston. Coupled with continued growth in oil and gas production…
Conoco Announces Reserves Replacement Figures for 1999
Conoco and its equity affiliates added 164 million barrels of oil equivalent (BOE) to the company's worldwide proved reserves in 1999, replacing 71 percent of the oil and natural gas produced during the year. The company has replaced an average of 174 percent of production over the five-year period between 1995 and 1999, which is among the best in the industry. Reserve additions came primarily from Conoco's strategic focus areas of North America, Norway, Venezuela, and Indonesia. Conoco said the 1999 figure was off because of project sequencing, non-strategic reserve dispositions and capital discipline steps that were instituted in the first quarter of 1999 when oil prices hovered around $10.
