ConocoPhillips halts exploration in Austin Chalk trend

ConocoPhillips reported it has discontinued exploration activities in the central Louisiana Austin Chalk trend.
Sept. 30, 2019

ConocoPhillips reported it has discontinued exploration activities in the central Louisiana Austin Chalk trend.

The company will record about $120 million pretax to Lower 48 dry hole expense in the third quarter, primarily related to this play.

The company also expects to record a noncash leasehold impairment related to the acreage.

ConocoPhillips provided no further explanation for the decision.

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