ConocoPhillips announces delivery of first oil at Surmont 2 ConocoPhillips (ticker: COP) announced today that it had produced first oil from its Surmont 2 oil sands facility, located in Alberta, Canada. Construction on the project, which is the largest single-phase steam-assisted gravity drainage (SAGD) project ever undertaken, began in 2010. The Surmont project is located in the Athabasca Region of
COP increases quarterly dividends by $12.3 million ConocoPhillips (ticker: COP) announced that it will increase its quarterly dividend to $0.74 per share from $0.73 per share, according to the company’s press release. The dividend hike is expected to cost the company an additional $12.3 million per quarter. “A compelling dividend is a key aspect of our value proposition to shareholders,”
42 years after the Arab oil embargo knocked the U.S. for a loop, energy experts are cheering the fact that the U.S. is the world’s number one producer—but Harvard University’s business school sees “a real risk that American citizens, companies, and communities will fail to capitalize on this opportunity” At the University of Colorado-Denver’s Global Energy Management program’s 2015 “Energy Moving
Calling it quits in Poland ConocoPhillips (ticker: COP) has joined the ranks of oil majors saying “no more” to shale gas development in Poland. Tim Wallace, ConocoPhillips country manager in Poland, said the company would not continue shale gas development in Poland, reports Reuters. “We understand the disappointment surrounding this difficult decision,” said Wallace, but “unfortunately, commercial volumes of natural
ConocoPhillips cuts capex, but dividend remains king ConocoPhillips (ticker: COP) held its annual analyst day this week, trimming capex like many of its peers, but reasserting the company’s commitment to maintaining its dividend payout. The company plans to cut capex by 28%, more than their large-cap peers like YPF (3% cut), Statoil (8% cut), BP, Total (11% cut each) and
Updated 2015 Guidance is 31% Below 2014 Expenditures ConocoPhillips (ticker: COP) has revised its capital plan to $11.5 billion per year through 2017, according to a news release issued on March 17, 2015. COP had originally set its 2015 budget at $13.5 billion in a December 2014 announcement but trimmed the estimate to $11.5 billion in its Q4’14 results. The flat
Oil prices slid sharply in Monday trading, dropping by more than 4% to close at a five-year low of $63.02. Brent prices fell in similar fashion, ending the day below the $66.00 mark. Spot prices for WTI have dropped by 18.6% in the last month alone. The continuous price drop occurred the same day as three separate oil companies announced
