Replaces

Natural gas now rules the oil patch in Texas, thanks to rising prices. Long viewed as the “oil patch,” a new study by the Texas Alliance of Energy Producers found that the dollar value of state gas production is actually three times as large as that of crude.

ConocoPhillips has appointed Chris Conway as president of ConocoPhillips Gas and Power. He replaces J. Mike Stice, who was recently named president of ConocoPhillips Qatar. Conway joined the company 23 years ago and was most recently general manager of ConocoPhillips’ Americas crude supply and trading operations. He has also served as manager of the company’s specialty products unit and manager of strategy and business development for European refining and marketing. Stice, who was president of ConocoPhillips Gas and Power for five years, will lead all aspects of the company’s Qatar liquefied natural gas (LNG) project, including the upstream and shipping aspects. In July, Qatar Petroleum and ConocoPhillips announced the signing of a Heads of Agreement for the development of Qatargas 3, a large-scale LNG project located in Qatar to service the U.S. natural gas market.

Marathon Oil Corp. reported that it replaced 262% of its worldwide crude oil and natural gas production during 2002, excluding net sales of reserves in place. Total reserves increased 237 million boe, or 23% at year-end 2002, to 1,283 million boe.

Western Gas Resources Inc. said its proved reserves as of Dec. 31, 2002 increased 24% to 588 Bcfe with additions net of revisions totaling 162 Bcfe and 114 Bcfe net of production. The company noted that it replaced 334% of 2002 production of 48.7 Bcfe and its net production increased 34% in 2002.

Marking the ninth consecutive year that the company has replaced more than 100% of its reserves, ExxonMobil Corp. announced Tuesday that additions to its worldwide proved oil and gas reserves totaled 1.9 billion boe in 2002, replacing 117% of production, including property sales.

Burlington Resources said that it expects to post reserve replacement of 160% of worldwide production from all sources during 2002. The Houston-based company added that it expects the reserve replacement cost to average $1.08/Mcfe.

Burlington Resources said Tuesday that it expects to post reserve replacement of 160% of worldwide production from all sources during 2002. The Houston-based company added that it expects the reserve replacement cost to average $1.08/Mcfe.

Coming off of a fourth quarter in which it achieved its targeted annual production rate growth of 17%, Phillips Petroleum Co. added 433 MMboe, net of sales, to its worldwide proved reserves in 2001, replacing 135% of its 2001 worldwide oil and gas production.

Coming off of a fourth quarter in which it achieved its targeted annual production rate growth of 17%, Phillips Petroleum Co. added 433 MMboe, net of sales, to its worldwide proved reserves in 2001, replacing 135% of its 2001 worldwide oil and gas production.