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Reply #48: Conoco Reserves Disappoint Analysts [View All]

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citizen snips Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-11-07 02:51 PM
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48. Conoco Reserves Disappoint Analysts
HOUSTON (AP) -- The ConocoPhillips announcement that it added three times as much oil and gas to its reserves as it produced last year did little to impress Wall Street analysts, largely because the gains occurred through acquisitions.

At least three major brokerage houses -- A.G. Edwards, Deutsche Bank and Citigroup -- said Thursday they were disappointed with ConocoPhillips' 2006 reserves replacement figures, released by the oil company after Wednesday's closing bell.

ConocoPhillips shares were off $1.95, or 3 percent, at $62.58 in afternoon trading on the New York Stock Exchange. The shares have traded in a range of $54.90 to $74.89 in the past year.

ConocoPhillips said Wednesday it likely ended 2006 with the equivalent of 11.1 billion barrels of oil in proved reserves, a key asset for the company. That's up from 9.4 billion barrels in 2005, but the growth was largely tied to ConocoPhillips' $35.6 billion purchase of Burlington Resources Inc., completed last spring, and its increased stake in Russian oil producer OAO Lukoil.

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