Covering the operations of the oil and gas industry
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.