Post Tagged with: "ConocoPhillips"

Source: Reuters

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 …

ConocoPhillips Closes $350-Million Greater Sunrise Sale

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

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 …

March 8, 2019 - 5:30 pm Closing Bell Story‎, Crude Oil News, Energy News
$70-per-Share ConocoPhillips Says Reject the $55-per-Share Mini-Tender Offer by Baker Mills

$70-per-Share ConocoPhillips Says Reject the $55-per-Share Mini-Tender Offer by Baker Mills

ConocoPhillips Recommends Rejection of Below-Market Mini-Tender Offer by Baker Mills LLC...

February 18, 2019 - 5:15 am Closing Bell Story‎, Finance, Press Releases
ConocoPhillips Reports Its First Annual Profit Since 2014

ConocoPhillips Reports Its First Annual Profit Since 2014

Earned $6.3 billion in 2018
The country’s largest independent E&P announced fourth quarter results today as ConocoPhillips (stock ticker: COP) ($COP) showed earnings of $1.9 billion, or $1.61 per share. The company earned a total of $6.3 billion in 2018,

New Oil Tech Adds Hundreds of Millions of Barrels to Alaska’s Oil Resources

New Oil Tech Adds Hundreds of Millions of Barrels to Alaska’s Oil Resources

From Hellenic Shipping News

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 …

ConocoPhillips Closes BP Asset Swap

ConocoPhillips Closes BP Asset Swap

ConocoPhillips Closes Sale of 16.5 Percent Interest in Clair Field in United Kingdom and Acquisition of Additional 39.2 Percent Interest in Greater Kuparuk Area in Alaska

December 18, 2018 - 10:15 am Closing Bell Story‎, Press Releases
The 2019 ConocoPhillips is Designed to Pull Investors Back onto the E&P Highway

The 2019 ConocoPhillips is Designed to Pull Investors Back onto the E&P Highway

“We no longer think of our value proposition as merely disciplined, we view it as the new order” – ConocoPhillips CEO Ryan Lance
The CEO of Houston-based oil and gas giant ConocoPhillips (stock ticker: COP) has declared his company’s 2019