Offshore staff
(US) - ConocoPhillips has completed its acquisition of Burlington Resources.
"ConocoPhillips has expanded its portfolio of high-quality, low-risk, long-life gas reserves, and enhanced its position as a leading producer and marketer of natural gas in North America," says Jim Mulva, chairman and CEO.
"Overall, our North American gas supply position is strengthened both in the near term, through projects involving conventional and unconventional resources, and in the long term through LNG and Arctic gas projects."
With the completion of this transaction, using Dec. 31, 2005, data, ConocoPhillips' net proved reserves are expected to increase to 11.5 Bboe, including the company's interest in Lukoil, but excluding Syncrude.
"We anticipate immediate and future cash generation from this transaction that will aid in the reduction of debt incurred for the acquisition and go toward the redeployment of cash into strategic areas of growth," says Mulva.
"ConocoPhillips also has gained well-recognized technical expertise that, together with our existing upstream capabilities, will create a superior organization to capitalize on the expanded asset base."
Randy L. Limbacher is now executive VP responsible for the company's North and South America E&P operations, reporting to Mulva.
William B. Berry is executive VP responsible for ConocoPhillips' E&P operations in Europe, Asia, Africa, and the Middle East, as well as E&P shared services functions, also reporting to Mulva.
04/01/06
