Post Tagged with: "ConocoPhillips"
ConocoPhillips posts worse loss than feared on oil price plunge, shares fall
ConocoPhillips reported a wider-than-expected loss on Thursday, as coronavirus-induced lockdowns sapped demand for fuel and crushed crude prices, sending shares of the world’s largest independent oil and gas producer down nearly 9%.
The pandemic brought travel and other businesses …
ConocoPhillips to bring back some curtailed production
ConocoPhillips said on Tuesday it would bring back some of the curtailed production in July, joining a growing list of oil producers turning on the taps months after a plunge in demand slammed the brakes on drilling.
U.S. shale …
Oil drops 2%, snapping five-day winning streak in volatile trading session
Oil prices dropped on Wednesday, snapping a five-session winning streak, as oversupply concerns outweighed optimism over economies reopening.
West Texas Intermediate, the U.S. benchmark, shed 2.3%, or 57 cents, to settle at $23.99 per barrel. In a volatile …
US oil shut-ins in numbers: Expect at least 300,000 barrels per day shut during May and June
US oil production of at least 300,000 oil barrels per day (bpd) will be shut during May and June, according to a Rystad Energy analysis of early communication from US oil producers. It is unclear how much of …
Half of announced North American oil cuts come from just three companies
Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron, ConocoPhillips and Occidental Petroleum – account for more than …
ConocoPhillips’ fourth-quarter profit plunges by 60%
ConocoPhillips’ fourth-quarter profit declined by more than 60 percent, to $720 million from $1.9 billion in the same period last year, amid weaker oil prices and production outputs.
Revenue during the quarter dropped by more than 20 percent …
ConocoPhillips sets capital spending at less than $7B a year through 2029
ConocoPhillips said Tuesday it aims to keep its capital spending at an average of less than $7 billion per year through 2029, including selling a 25 percent stake in its large Alaska business in order to keep costs …
Big Oil majors looking to sell $27 billion in assets worldwide
Source: Houston Chronicle
The Big Oil majors aim to unload about $27 billion in oil and gas assets worldwide in order to cut costs and focus spending on their core projects.
U.S. giants Exxon Mobil and Chevron for instance are …
ConocoPhillips posts $3B quarterly profit after UK sale
Source: Houston Chronicle
Houston’s ConocoPhillips reported a nearly $3.1 billion quarterly profit on Tuesday that spiked more than 60 percent from a year prior, but the big jump benefited from about $2 billion in proceeds from the recent sale of …
Phillips 66 profit beats on higher fuel margins, shares jump
Phillips 66 beat analysts’ estimates for quarterly profit on Friday, as the refiner benefited from higher retail fuel margins, sending its shares up 4.4% to their highest in more than a year.
The Houston, Texas-based company, which retails fuel …
ConocoPhillips to sell $1.39 Billion interests in Australia-West
ConocoPhillips (NYSE: COP) today announced it has entered into an agreement to sell the subsidiaries that hold its Australia-West assets and operations to Santos for $1.39 billion, plus customary closing adjustments.
In addition, the company will also receive a payment …
Canada’s Largest Oil Producer Joins Opposition to Enbridge Pipeline Plan
From Reuters
Canadian Natural Resources Ltd, the country’s biggest oil producer, has joined a number of other firms asking Canada’s energy regulator to intervene in Enbridge Inc’s plan to overhaul shipping contracts on its Mainline pipeline network.
Canadian Natural’s letter …
Citgo’s New CEO Confident in an Uncertain Time
Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it …
U.S. Oil Firms Challenge Pipeline Surcharge for Steel Tariff: Filing
From Reuters
Two U.S. shale producers have challenged an energy pipeline operator’s proposed surcharge for the Trump administration’s 25% tariff on imported steel, raising the stakes for pipeline builders facing higher construction costs.
The United States imposed tariffs on imported …
Venezuela Faces the Loss of Citgo – and Desperately Needed Dollars
Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award.
A U.S. appeals court ruled on Monday that …
ConocoPhillips Gears Up for Heavy Round of Eagle Ford Projects
From The Houston Chronicle
Oil giant ConocoPhillips is gearing up for a large round of horizontal drilling on three leases in the Eagle Ford Shale of South Texas.
The company’s subsidiary, Burlington Resources, is seeking permission from the Railroad Commission …
Alaska Can Bring High Hopes, Big Discoveries, Dry Holes
from Hellenic Shipping News/Platts
As Alaska’s oil production declines, enormous attention is being paid to even the slightest hint of a find that could turn the state’s fortunes around.
Much hope has been pinned on the development of the …
ConocoPhillips to Shed U.K. Oil Exploration Business
From The Wall Street Journal
ConocoPhillips is exiting the oil exploration and production market in the U.K., the latest move by the company to refocus its portfolio.
The company said Thursday it reached a deal to sell two subsidiaries that …
ConocoPhillips Closes $350-Million Greater Sunrise Sale
ConocoPhillips Closes Sale of Its Interest in Greater Sunrise Fields
…
Venezuela Must Pay Conoco More Than $8 Billion: World Bank
From Reuters
Venezuela must pay ConocoPhillips more than $8 billion to compensate for the 2007 expropriation of oil assets by the late socialist leader Hugo Chavez, the World Bank ruled on Friday, making the U.S. energy company the largest victor …
New Oil Tech Adds Hundreds of Millions of Barrels to Alaska’s Oil Resources
Rapid technology advances are allowing explorers and producers in Alaska to add hundreds of millions of barrels of new resources to portfolios at a cost competitive with finding oil in the Lower 48 states.
Chief among …
