ConocoPhillips announced in its 2015 Q4 earnings results that it will book an impairment for the Chukchi Sea leases. Subsequent to that action, the company and its co-venturers jointly decided to relinquish the remaining 61 leases to the Bureau of Ocean Energy Management (BOEM). The relinquishment was accepted by the BOEM on April 26, 2016. Given the current environment, the company’s prospects in the Chukchi Sea are not competitive within its exploration portfolio. This will effectively eliminate any near-term plans for Chukchi exploration.