ConocoPhillips suspends drilling in San Juan BasinMarch 28, 2013 @ 9:50 am
FARMINGTON, N.M. (AP) - ConocoPhillips is temporarily suspending its exploratory drilling in the Four Corners region's San Juan Basin because of low natural prices.
The Daily Times reports ( http://bit.ly/15VgR7i) ConocoPhillips' decision stops exploratory drilling by three rigs but that the Houston-based company will continue to operate its 10,000 production wells in the basin.
The basin is in northwestern New Mexico and southwestern Colorado.
ConocoPhillips has 600 employees in the Farmington area.
Company spokesman Jim Lowry says the suspension is temporary and that ConocoPhillips does not plan to lay off workers.
However, he says up to 40 workers could be transferred internally in the company's operations in the Farmington area and elsewhere within the company.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Warm Fall, Winter
Forecasters predict a warmer fall and winter than normal
What Was That?
Reports continue streaming in after a fireball streaked across our skies
Danny O'Neil takes a look at what the loss to the Chargers means for the Seahawks
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.