ConocoPhillips Announces Drilling Results; Company to Record Dry Hole Charges.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--March 10, 2003 ConocoPhillips (NYSE NYSE See: New York Stock Exchange :COP COP In currencies, this is the abbreviation for the Colombian Peso. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) today announced that results from exploratory drilling in Alaska and the deepwater Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east resulted in two dry holes. The McCovey well, located on Alaska's North Slope North Slope, Alaska: see Alaska North Slope. , began drilling in November 2002 and reached total depth on Jan. 27, 2003. The Voss deepwater well, located in Keathley Canyon Block 511 in the Gulf of Mexico, began drilling in September 2002 and reached total depth on Feb. 7, 2003. Neither well encountered commercial quantities of hydrocarbons hydrocarbons (hīˈ·drō·kärˑ·b  nz),n. . Because ConocoPhillips has not yet filed its 2002 financial statements with the U.S. Securities and Exchange Commission, accounting rules require that the company include the amount of dry hole costs incurred in 2002 in its 2002 financial results. As the final results of these two wells were not determined until February, dry hole charges were not included in the company's preliminary 2002 results announced Jan. 29, 2003. The dry hole costs of $18 million (after tax) for 2002 increased the company's net loss for 2002 to $295 million, or 61 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The remaining drilling costs on these wells incurred in 2003 will be charged to dry hole expense in the first quarter of 2003. ConocoPhillips is an integrated petroleum company with interests around the world. Headquartered in Houston, the company had approximately 57,000 employees and $77 billion of assets as of Dec. 31, 2002. For more information, go to www.conocophillips.com. |
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