From Reuters Venezuela is considering producing fuels from foreign crude oil for the first time, according to planning documents seen by Reuters, as the country struggles to meet its obligations despite having the world’s largest crude reserves. State-run oil company PDVSA may process up to 57,000 barrels per day (bpd) of foreign crude in June at the country’s largest refinery,
From Reuters ConocoPhillips (COP.N) is preparing to offload its stake in Cenovus Energy Inc (CVE.TO), which it acquired as part of an asset sale to the Canadian oil and gas producer last year, people familiar with the matter told Reuters. The U.S. energy company has held discussions with investment banks about appointing advisers to the sale and could offer the
MAY 23, 2018 HOUSTON – ConocoPhillips (NYSE: COP) announced today that ConocoPhillips and its wholly-owned subsidiary, ConocoPhillips Company (“CPCo”) have commenced a cash tender offer (the “Tender Offer”) to purchase up to $1.75 billion in aggregate principal amount (the “Maximum Tender Offer Amount”) of outstanding notes listed in the table below (collectively, the “Notes” and each a “Series” of Notes), in
ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share. First quarter production, excluding Libya, was 1,224 MBOEPD. Production from Libya was 45 MBOEPD. Conoco said that it grew year-over-year production in the Eagle Ford, Bakken and Delaware by 20%.
Final and binding ICC award is for “Venezuela’s unlawful and uncompensated expropriation of ConocoPhillips’ investments” ConocoPhillips (NYSE: COP) said that an international arbitration tribunal ruled it was due $2.04 billion from Petróleos de Venezuela, S.A. (PDVSA) and two of its subsidiaries, under arbitration rules of the International Chamber of Commerce (ICC). The ruling arises out of ConocoPhillips’ contracts with those
Oil and gas investment in politically risky British Columbia Just a few days before Kinder Morgan Canada said it would halt investment and construction on the Trans Mountain pipeline expansion due to political risk in British Columbia, ConocoPhillips (ticker: COP) announced an acreage buy in British Columbia’s Montney play. ConocoPhillips Company acquired about 35,000 net acres in the Montney play
From Anchorage Daily News The mayor of the Kenai Peninsula Borough said the mothballed Kenai LNG plant sold for $10 million, a figure that’s a fraction of the property’s assessed value and one that companies involved in the deal would not confirm. ConocoPhillips sold the aging facility on Jan. 31 to Andeavor, which owns a crude oil refinery near the Nikiski
Armstrong Energy, Repsol, ConocoPhillips among winning bidders The State of Alaska held a record-breaking oil and gas North Slope lease sale on Dec. 6, netting competitive bids from investors around the world. The Division of Oil and Gas reported that it had received 143 bids from companies and investors seeking oil and gas leases on state lands during the division’s
ConocoPhillips (ticker: COP), the world’s largest independent E&P company, reported its Q3 financial results yesterday. Q3 2017 Summary Achieved Q3 production excluding Libya of 1,202 MBOED; 1.4 percent year-over-year underlying production growth excluding the impact of closed or signed dispositions; underlying production grew 19 percent on a production per debt-adjusted share basis Lowering full-year 2017 expected capital expenditures to $4.5 billion,
In the past two days ExxonMobil Corporation (ticker: XOM), Chevron Corporation (ticker: CVX), and ConocoPhillips (ticker: COP) all reported second quarter earnings and gave operational updates. ExxonMobil ExxonMobil earned $3.4 billion in Q2, which brought the company’s earnings for the year-to-date to $7.4 billion. This represents a 97% improvement from the same quarter of 2016—in which Exxon earned $1.7 billion.
Elk secures second largest CO2 supply source in Wyoming for CO2 EOR; profitable production of ~3,400 BOEPD (20 MMSCFD+) Freeport-McMoRan has sold another group of oil and gas assets. Australia’s Elk Petroleum Ltd (ticker: ELK) has entered into a purchase and sale agreement with subsidiaries of Freeport-McMoRan Inc. (ticker: FCX) to acquire all of FCX’s interest in the Madden Gas Field,
From Alaska Dispatch News ConocoPhillips said Thursday it’s in the “initial stages” of trying to sell its plant on the Kenai Peninsula that for nearly 50 years liquefied natural gas from Cook Inlet for export to overseas markets. The company, adjusting to low oil and LNG prices that have battered the industry, cited “market conditions” in a statement issued Thursday. It
