ConocoPhillips Bakken Shale production was 43,000 boe/d in the fourth-quarter of 2013, surpassing fourth quarter 2012 production of the formation by ~ 80%.
In the Lower 48 and Latin America, that accounted for about ~12% of the company's total production.
Read more: Conoco Phillips Increases Bakken Spending in its 2014 Budget
ConocoPhillips Production Growing Rapidly in the Bakken
In the fourth quarter of 2012, Conoco's Bakken production averaged 24,000 boe/d.
At the beginning of 2013, production was only expected to grow by 10%, but with the ~80% increase to 43,000 boe/d, Conoco is well within its 2013 target goal to produce an average of 40,000 boe/d over the next 4 - 5 years.
ConocoPhillips Capital Budget in Unconventional Drilling
In 2014, Conoco will spend ~$9 billion on its North American operations. Approximately $4.3 billion will be focused on the Bakken, Eagle Ford and Niobrara Shale. In 2013, Conoco's production in the Bakken, Eagle Ford and Permian grew 31% from ~167,000 boe/d in the fourth-quarter of 2012 to ~218,000 boe/d in 2013.
Bakken Contribution to Conoco's Reserves
The growth in unconventional drilling has contributed greatly to Conoco's reserves.
“CEO Ryan Lance, said, “2013 was a significant year for the company and we achieved several important, strategic milestones... [the company] achieved conventional and unconventional exploration success... [and] our capital program yielded strong organic reserve replacement.”
In 2013, Conoco added 470 million boe in Lower 48, primarily in liquids-rich shale plays, including the Bakken and Eagle Ford.
ConocoPhillips Production in 2013 and Plans Moving Forward at a Glance
- ConocoPhillips Bakken Shale Q4 production up ~80% from 2012 to 43,000 boe/d
- ~ 12% of ConocoPhillips Lower 48 Production is in Bakken
- $4.3 billion will be focused on the Bakken, Eagle Ford and Niobrara Shale in 2014
- 470 million boe in Lower 48 reserves added in 2013, primarily in liquids-rich shale plays, including the Bakken and Eagle Ford
- 31% production growth in Bakken, Eagle Ford and Permian to ~218,000 boe/d in Q4 2013
Read more at ConocoPhillips.com