- ConocoPhillips (NYSE:COP) revises down more than 1B barrels of oil sands reserves because of low global crude prices, according to a 10-K filing.
- COP says developed and undeveloped reserves of bitumen totaled 1.2B barrels at year-end 2016, down from 2.4B barrels at the end of 2015.
- A GMP FirstEnergy analyst says the debooking likely has more to do with SEC rules requiring companies to evaluate economic reserves at year-end, but the fact that oil sands make up 70% of the reduction underlines how much of Canada's resources are uneconomic in a weaker oil environment.