Burlington Resources

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Burlington Resources
Former type Subsidiary
Industry Oil Production
Founded 1988
Defunct 2006
Headquarters Houston, Texas
Key people Bobby S. Shackouls, President & CEO
Products Petrochemical products
Revenue Increase$1.5 billion USD (2005)
Employees 2200 (2005)

Burlington Resources, was an American oil and gas company. Their headquarters were in Houston, Texas. The company was acquired by ConocoPhillips in 2006.

Based in Houston, Texas, BR had major offices located in Calgary, London, Farmington, Midland and Fort Worth. After the merger with ConocoPhillips, stockholders received 0.7214 shares of ConocoPhillips common stock plus $46.50 in cash for each share of Burlington Resources; before the merger, shares of Burlington Resources had last traded at $91.91.

History[edit]

  • 1988: Burlington Resources is formed as a stand-alone resource company to manage Burlington Northern Railroad Company's resource assets (formerly including companies such as Milestone Petroleum, El Paso Company and Meridian Oil Inc, as well as land holdings and mineral rights granted in 1864 by Abraham Lincoln). BR stock is offered to the public.
  • 1989 Plum Creek Timber is spun off.
  • 1994: Non strategic properties were divested, eliminating half of BR's wells.
  • 1997: BR merges with Louisiana Land & Exploration, gaining interest in properties in the Gulf Of Mexico.
  • 1998: International expansion in Algeria.
  • 1999: BR acquired Poco Petroleums, gaining properties in the Canadian western sedimentary basin.
  • 2001: BR acquired Canadian Hunter Exploration, expanding its base in Canada.
  • 2002: BR acquired production properties in Ecuador and has a gas sales deal with China.
  • 2006: BR acquired by ConocoPhillips in a deal worth about US$35.6 billion.

See also[edit]