Conoco Phillips (COP) discussed its acreage in the Eagle Ford Shale during its third quarter earnings conference call. The company indicated that much of its acreage is not held by production, but is term leasehold. This implies that the company must ramp up drilling to keep its acreage, or extend leases.
“The majority of that acreage is term leasehold, and we have the option of maintaining it through drilling, lease extension or renewals.”
“Also, in the lower 48, we have been encouraged by recent drilling results in the Eagle Ford Shale, where we hold a sizable low cost acreage position….We have a very substantial position there, close to 300,000 acres when you consider our interest in the Eagle Ford and the adjoining Austin Chalk play”
Source: Seeking Alpha
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