ConocoPhillips (COP), BP plc (ADR) (BP) & One State ‘Big Oil’ Is Scared Of

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Overall, drilling in the Arctic is a risky venture. Royal Dutch Shell has already pulled its 2013 program after the company experienced a number of problems. The company also was never able to finish its work on a spill barge as part of its spill response plan, while a containment dome was damaged in testing. Shell has spent about $5 billion here from 2006 to 2012, with very little to show for it.

Conoco doesn’t want to find itself in that position, so it’s going to take a more cautious route. It plans to work with the government and other leaseholders to clearly define the requirements, and then it will re-evaluate its capital plans. The company has a number of other major exploration projects already, so it can afford to be cautious.

The article 1 U.S. State That Big Oil Is Scared Of originally appeared on Fool.com.

Fool contributor Matt DiLallo owns shares of ConocoPhillips (NYSE:COP). The Motley Fool has no position in any of the stocks mentioned.

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