ConocoPhillips raises estimate for Eagle Ford assets but shares -1.9%

|About: ConocoPhillips (COP)|By:, SA News Editor

ConocoPhillips (COP -1.9%) raises its estimate for the size of its Eagle Ford resource base by 40% and reaffirms its long-term production and margin growth targets and capital spending plans.

COP now estimates Eagle Ford barrels of oil in place totals ~2.5B vs. 1.8B in a prior estimate, and projects production to increase to more than 250K boe/day by 2017.

Reaffirms its objective to deliver double-digit returns annually and consistently deliver 3%-5% compound annual growth in production and margins.

Plans to execute a disciplined capital program of ~$16B/year over the next several years.