Ryan Lance, senior vice president of E&P International, ConocoPhillips, said: “The Shah Gas Field will be a world-class project that will develop a key resource for Abu Dhabi and the region and it was a difficult decision not to participate in a project of this importance.
“We value our relationship with ADNOC and will continue to look for opportunities to work together in the future.”
The company has reported first-quarter earnings of $2.1bn, compared with first-quarter 2009 earnings of $0.8 bn. Excluding after-tax charges of $110m for ending participation in the Shah and Yanbu projects, first-quarter 2010 adjusted earnings were $2.2bn.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 30,000 employees, $153bn of assets and $149bn of revenues as of December 31, 2009.
