ConocoPhillips Archives - Oil & Gas 360

ExxonMobil, ConocoPhillips negotiate possible Venezuela comeback

May 27, 2026

(World Oil) – ExxonMobil and ConocoPhillips are pushing for durable contract terms and a way to resolve billions of dollars owed to them as they consider re-entering Venezuela after exiting the country two decades ago. Both companies are in active negotiations with President Delcy Rodríguez’s government about tapping Venezuela’s vast oil reserves. While they’ve recently said Venezuela has more work to do on

ConocoPhillips says Venezuela oil reforms still fall short for investors

May 21, 2026

(World Oil) – The head of ConocoPhillips said Venezuela’s initial steps to attract foreign oil companies that could help revive the nation’s production are falling well short of what’s needed to convince firms to invest. The recent changes to Venezuela’s oil law intended to entice foreign drillers still give the government wide latitude to charge royalties of up to 30%, as much as

ConocoPhillips signs gas supply agreement for Alaska LNG project

May 18, 2026

(World Oil) – Glenfarne Group and ConocoPhillips Alaska have signed a gas sales precedent agreement supporting Phase One development of the Alaska LNG project, adding another long-term North Slope supply commitment to the proposed pipeline system. Under the 30-year agreement, ConocoPhillips will supply North Slope natural gas volumes for the first phase of the Alaska LNG project, which includes construction of a 739-mile, 42-in.

ConocoPhillips CEO warns supply losses, infrastructure gaps will drive higher oil prices

March 25, 2026

(World Oil) – You just can’t take 8-to-10 MMbpd off the market, and 20% of LNG supply, and not expect instability,” ConocoPhillips Chairman and CEO Ryan Lance said on Tuesday at CERAWeek by S&P Global, underscoring the scale of the current supply shock hitting global energy markets. Speaking in a leadership dialogue with S&P Global Vice Chairman Daniel Yergin, Lance said that current turmoil

GOP investigates environmental groups opposing Alaska’s Willow oil project

February 24, 2026

(World Oil) – House Republicans have launched an investigation into six environmental organizations over their opposition to a $9 billion oil project developed by ConocoPhillips in Alaska. In letters made public Friday to the Center for Biological Diversity, the Defenders of Wildlife and other conservation groups, lawmakers said they were concerned about “coordination with other activist special interest groups” as

ConocoPhillips explores $2-billion sale of Permian basin assets

February 23, 2026

(World Oil) – ConocoPhillips is exploring a sale of some of its Permian basin assets as part of a broader streamlining of its portfolio, according to people familiar with the matter. The assets, picked up over the years through deals with Concho Resources Inc. and Shell Plc, are expected to fetch about $2 billion, the people said, asking not to be

ConocoPhillips seeks Venezuela compensation before resuming drilling

February 6, 2026

(World Oil) – ConocoPhillips Chief Executive Officer Ryan Lance’s priority in Venezuela is recouping billions his company is owed almost two decades after its oil projects were nationalized, rather than drilling new wells. Despite roughly $10 billion in favorable judgments from international arbitrators holding Venezuela liable for the seizures, the Houston oil giant’s efforts to recover all it’s owed have been

Lower oil prices drag ConocoPhillips Q4 profit below estimates

February 5, 2026

(Oil Price) – ConocoPhillips (NYSE: COP) booked lower-than-expected earnings for the fourth quarter as higher production was unable to offset the decline in oil prices. ConocoPhillips reported on Thursday fourth-quarter adjusted earnings of $1.3 billion, or $1.02 per share. That was nearly halved compared with adjusted earnings of $2.4 billion, or $1.98 per share, for the fourth quarter of 2024. The earnings for

Factbox-What’s the status of international oil companies in Venezuela after Maduro’s capture?

January 6, 2026

(Investing)– LONDON – Here are key facts about international oil companies in Venezuela, a country with the world’s largest oil reserves thrown into crisis by the capture of President Nicolas Maduro by U.S. forces. In the 2000s, former President Hugo Chávez expropriated assets from several foreign oil companies, strengthening state-owned PDVSA’s control over the country’s oilfields. Today, foreign firms must

ConocoPhillips lifts Willow project cost to $9 billion, delays start to 2029

November 6, 2025

(World Oil)– ConocoPhillips raised its total spending plans for the Willow oil and natural gas project in Alaska to as much as $9 billion, citing inflation and other rising costs. The Houston oil giant, which initially estimated that its spending on the North Slope project was in the range of $7 billion to $7.5 billion, now expects oil production there

ConocoPhillips to lay off Canada employees in November, company memo shows

October 24, 2025

(BOE Report)– U.S. oil company ConocoPhillips is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters, as it moves to cut up to a quarter of its global workforce by next year. The memo did not specify how many layoffs would take place but said they would begin at the company’s Canadian

ConocoPhillips signs deal to advance offshore gas development in Equatorial Guinea

September 30, 2025

(World Oil)– Equatorial Guinea has signed a Heads of Agreement (HOA) with ConocoPhillips to develop offshore Blocks B/4 and EG-27, a deal expected to unlock up to $9 billion in investment and support the country’s ambition to expand its role as a regional gas processing hub. The HOA, signed by ConocoPhillips alongside the Ministry of Hydrocarbons and Mining Development, national

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