Posted at: 03/28/2013 10:55 AM
By: The Associated Press
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 that 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 located 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.
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