Post Tagged with: "ConocoPhillips"

Source: Reuters

ConocoPhillips reports first-quarter 2021 results; declares quarterly dividend; announces debt-reduction plan and intention to begin sales of Cenovus shares with proceeds to fund incremental buybacks; schedules midyear market update

ConocoPhillips (NYSE: COP) today reported first-quarter 2021 earnings of $1.0 billion, …

Source: Reuters

ConocoPhillips sees higher Q1 output, warns of profit hit from unwinding hedges

Reuters


ConocoPhillips said on Wednesday its first-quarter results will benefit from higher oil prices and output, while warning of a $600 million profit hit from its recent acquisition of Concho Resources and related commodity price hedges.

Higher oil prices and

Source: Reuters

ConocoPhillips resumes share buybacks, promises capital discipline

Reuters


ConocoPhillips said on Wednesday it has resumed its share buyback program and pledged to keep spending flat even as oil prices climbed, the latest U.S. energy firm to embrace investor returns over production growth.

Despite the uptick in crude …

Source: Reuters

Court order delays construction at ConocoPhillips’ Alaska project

Reuters


ANCHORAGE, Alaska – A weekend court ruling has temporarily blocked winter construction at a huge ConocoPhillips oil project on Alaska’s North Slope.

U.S. District Court Judge Sharon Gleason issued an order Saturday barring ConocoPhillips from starting planned gravel mining …

February 8, 2021 - 11:00 am Arctic, Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

ConocoPhillips reports fourth-quarter and full-year 2020 results; announces quarterly dividend

Oil and Gas 360


The 2020 results discussed herein reflect the performance of ConocoPhillips prior to the acquisition of Concho, which closed in January 2021.

ConocoPhillips (NYSE: COP) today reported a fourth-quarter 2020 loss of $0.8 billion, or ($0.72) per …

Source: Reuters

ConocoPhillips forecasts smaller-than-expected loss, to resume buybacks

Reuters


ConocoPhillips COP.N on Wednesday forecast a smaller-than-expected quarterly adjusted loss and said it would resume buying back its shares after a historic collapse in crude prices forced the U.S. oil and gas producer to halt the program in April.…

Source: Reuters

ConocoPhillips posts worse loss than feared on oil price plunge, shares fall

Reuters


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 to bring back some curtailed production

Reuters


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 …

June 30, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: CNBC

Oil drops 2%, snapping five-day winning streak in volatile trading session

CNBC


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 shut-ins in numbers: Expect at least 300,000 barrels per day shut during May and June

Rystad Energy


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 …

Source: Reuters

Half of announced North American oil cuts come from just three companies

Reuters


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 …

Source: Houston Chronicle

ConocoPhillips’ fourth-quarter profit plunges by 60%

Houston Chronicle


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 …

Source: Houston Chronicle

ConocoPhillips sets capital spending at less than $7B a year through 2029

Houston Chronicle


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 …

Source: Houston Chronicle

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 …

Source: Houston Chronicle

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 …

Source: Reuters/Rick Wilking

Phillips 66 profit beats on higher fuel margins, shares jump

Reuters


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 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.

ConocoPhillips to sell $1.39 Billion interests in Australia-West - oil and gas 360

In addition, the company will also receive a payment …

Canada’s Largest Oil Producer Joins Opposition to Enbridge Pipeline Plan

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 …

Source: Citgo

Citgo’s New CEO Confident in an Uncertain Time

From The Houston Chronicle


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

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 …

Source: Citgo

Venezuela Faces the Loss of Citgo – and Desperately Needed Dollars

From The Houston Chronicle


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 Profit Misses on Lower Crude Prices, Higher Spending

ConocoPhillips Profit Misses on Lower Crude Prices, Higher Spending

From Reuters


ConocoPhillips (COP.N) missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy.

The OPEC and …

Source: Wintershall Dea

Wintershall Partners with ConocoPhillips in Argentina’s Vaca Muerta

By Tyler Losier, Energy Reporter, Oil & Gas 360

German E&P Wintershall Dea teams up with ConocoPhillips to develop Argentina’s Neuquén Basin
Wintershall Dea, a German-based E&P with a global asset portfolio, has signed a sales and purchase agreement (SPA)

Colorado: Aurora City Council Approves Operator Agreement with ConocoPhillips for 300-Well Development

Colorado: Aurora City Council Approves Operator Agreement with ConocoPhillips for 300-Well Development

By Bevo Beaven, Editor, Oil & Gas 360

Local control in Colorado: one city works out strict health, safety, environmental controls for oil and gas operators; lands in environmental movement crosshairs anyway
Adjacent to Denver’s eastern border, the city of

The CD5 drill site, part of the Alpine Field, has four completed wells with plans for 11 more by early 2017.

ConocoPhillips Grabs Acreage in Alaska

By Tyler Losier, Energy Reporter, Oil & Gas 360

ConocoPhillips Alaska (stock ticker: COP) has forged an agreement with Caelus Natural Resources Alaska, a small, private E&P, to acquire 100% of Caelus’s holding in the Nuna discovery.

The land in

ConocoPhillips Gears Up for Heavy Round of Eagle Ford Projects

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 …

Source: Ithaca Energy Limited

Ithaca Energy Acquires Chevron North Sea Limited for $2 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360

Ithaca will now be second largest producer in North Sea
Ithaca Energy Limited will be acquiring Chevron North Sea Limited (stock ticker: CVX) for $2 billion, adding 10 producing field interests

High Premiums Dissuade ConocoPhillips from Making a Big M&A Leap

High Premiums Dissuade ConocoPhillips from Making a Big M&A Leap

Conoco looks toward sub-$7 billion/year capital spend for the long-term forecast
By Richard Rostad, analyst, Oil & Gas 360

ConocoPhillips (ticker: COP) announced first quarter results today, showing net income of $1.8 billion, or $1.60 per share.

This quarter’s results

Alaska Can Bring High Hopes, Big Discoveries, Dry Holes

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 …

Johan Sverdrup

Source: Total

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 …