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ConocoPhillips revises down 1.2B barrels of oil sands reserves

Feb. 21, 2017 5:18 PM ETConocoPhillips (COP) StockCOPBy: Carl Surran, SA News Editor4 Comments
  • 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.

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