Conoco Replaces 112% of Production (COP)

Oil & gas supermajor ConocoPhillips Corp. (NYSE:COP) has announced that it replaced 112% of its 2011 production with newly discovered reserves. That’s in-line with the company’s reserves replacement five-year average of 111% through the end of 2010, excluding the effects of its previous partial ownership of Russia’s Lukoil.

Conoco added 738 million barrels of oil equivalent in 2011. The company is expected to shed about 45 million barrels of reserves through sales of assets in an Australian liquefied natural gas project and domestic natural gas reserves.

The company’s planned spin-off of its refining operations is still expected to be completed this year. Conoco has said previously that it would sell assets worth $15-$20 billion and continue its stock buyback program.