ConocoPhillips: we can manage cycles without chasing them ConocoPhillips (ticker: COP) held an analyst and investor meeting Thursday outlining the company’s goals moving into 2017 and beyond. COP – the 13th largest oil and gas company in the world by enterprise value – is now gearing its business to manage the cyclicality of oil and gas without chasing trends in
COP adding 5 rigs in the Bakken and Eagle Ford in Q4 2016 The world’s largest independent E&P, ConocoPhillips (ticker: COP), reported a third-quarter 2016 net loss of $1.0 billion, or ($0.84) per share today. But the company snagged its analysts’ attention in today’s conference call when executives disclosed that it had shifted capital from deepwater and large projects into two U.S. shale basins. In its
Q2 proves to be a disappointing quarter for majors like Chevron, ExxonMobil and ConocoPhillips in terms of earnings, but the companies remain focused on the future U.S.-based oil and gas majors Chevron (ticker: CVX), ExxonMobil (ticker: XOM), and ConocoPhillips (ticker: COP) all reported their second quarter earnings last week, each showing significant hits from the continued oil and gas downturn.
President Obama ‘turning his back on the livelihoods of Alaskans who depend on resource development’ Today, the United States Department of the Interior and the Bureau of Ocean Energy Management released 348 pages of new Requirements for Exploratory Drilling on the Arctic Outer Continental Shelf. Today’s rule addresses certain key factors associated with conducting offshore oil and gas activities on the Arctic
ConocoPhillips expects peak production of 16 MBOPD from National Petroleum Reserves Oil began to flow for the first time from Alaska’s National Petroleum Reserves this week since President Warren G. Harding dedicated the resources as an emergency supply of oil for the U.S. in 1923. The North Slope project, operated by ConocoPhillips (ticker: COP, ConocoPhillips.com), is expected to produce 16
ConocoPhillips sells stake in Rosneft joint venture Five years ago, U.S. oil major ConocoPhillips (ticker: COP) sold its single largest asset in Russia, a stake in Lukoil (ticker: LKOH), for $9.5 billion. Last week COP announced that it has sold its 50% stake in the Polar Lights joint venture with Russian state-owned oil company Rosneft (ticker: RNFTF), its last project
Management said 2016 volumes will rise by 1% to 3%, fueled by project startups in Alaska, Australia and Canada oil sands ConocoPhillips (ticker: COP) is ramping down its 2016 operations, with the majority of the pullback focused on North America. The 2016 guidance release, issued on December 10, 2015, outlines a capital budget of $7.7 billion – about 25% below
All parties seem to agree, but holdup remains The state of Alaska plans to buy out TransCanada’s (ticker: TRP) share of the Alaska LNG project. Both Alaska Governor Bill Walker and TransCanada have agreed to the deal, according to Alaska Dispatch News, but the funds necessary to purchase TransCanada’s share in the project still need to be approved. Alaska LNG
Assets could be worth $1 billion, according to estimates ConocoPhillips (ticker: COP), the third-largest North American oil and gas producer, is looking to divest assets in Western Canada to various buyers including Canadian Natural Resources (ticker: CNQ), sources familiar with the matter told Bloomberg. The sources shared the information under the condition of anonymity due to the private nature of
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
