AlwaysFree: ConocoPhillips To Keep Bakken, Eagle Ford Operations Even After Acquiring Shell Permian Assets

ConocoPhillips plans to keep its operations in the Bakken and Eagle Ford regions even after acquiring Royal Dutch Shell’s entire assets in the Permian Basin. CEO Ryan Lance said the company would continue investing in the two oilfields as they are expected to remain “very competitive” on a cost-of-supply basis. However, he added that the Permian Basin, the largest oil-producing region in the US, will likely receive the bulk of ConocoPhillips’ capital.

ConocoPhillips produced 435,000 boepd in the second quarter after adding Concho Resources’ assets. Its Eagle Ford and Bakken production stood at 227,000 boepd and 95,000 boepd, respectively. The acquisition of Shell’s assets is expected to boost ConocoPhillips’ Permian output to more than 600,000 boepd, making it one of the region’s largest operators.

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