Chief Executive Jim Mulva, speaking at the company's annual meeting with analysts in New York, said ConocoPhillips expects its reserve replacement rate to exceed 100 percent over the next five years.
NEW YORK (Reuters) - ConocoPhillips <COP.N> on Wednesday said it was lowering its long-term production growth target to 2 percent, compared with its previous target of 3 percent growth.
Chief Executive Jim Mulva, speaking at the company's annual meeting with analysts in New York, said ConocoPhillips expects its reserve replacement rate to exceed 100 percent over the next five years.
Reserve replacement rate measures whether a company has found more oil and natural gas through exploration or acquisitions than it has produced.
(Reporting by Michael Erman, editing by Gerald E. McCormick)
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