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ConocoPhillips adds to rigs to the Eagle Ford

ConocoPhillips, a leading independent oil exploration and production company, plans to add two drilling rigs to its Eagle Ford operations as it pivots investment away from deepwater projects toward onshore shale fields, company executives said Thursday.

The announcement came during the Houston-based company’s third-quarter earnings call. The rig count, the number of active drilling rigs, in the Eagle Ford peaked at 210 in mid-July 2014 and have since plummeted to less than 40. ConocoPhillips is currently running two drilling rigs there. Read more…

2 comments

  1. Herman Goodfellow

    When investors realize that we can’t burn all the know fossil fuel reserves without driving the earth’s climate permanently out of control, the value of oil company stocks will follow the trajectory of Peabody Coal. Oil and gas investors are going to lose their assets.

  2. Herman Goodfellow

    Solar panels on my roof produce electricity for under $0.05 per kwh. What I don’t produce, I buy from utilities using wind electricity sold wholesale for $0.03. Thirty percent of the homeowners on our street have added solar panels. My EV gets the price equivalent of 200 miles per hour at today’s gas prices, but if gas increases to $4.00 per gallon to pay for some of its associated environmental damage, my EV would get the price equivalent of 400 mpg. We reduced the energy our home consumes by 60% (that’s over half) by using energy conservation principles available to everyone. I am so angry with fossil fuels when friends tell me their water is contaminated by fracking, when extreme weather events drive my insurance costs up 20-30% every year, when the increasing frequency and seriousness of asthma attacks plague our family members, and by the outlook that our grandchildren may be the last generation of humans to have grandchildren.

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