PDVSA Retrenches in Caribbean
Venezuela Problem will not Derail Caribbean Fuel Supply
There is enough oil supply in the global market to make up for potential fuel disruptions from U.S. oil producer ConocoPhillips' legal actions against Venezuelan state oil company PDVSA, a State Department spokesman said on Wednesday. "The U.S. Department of State remains in contact with our partners in the Caribbean to reduce the risk of supply disruptions," Vincent Campos, spokesman for the Bureau of Energy Resources at the department said. The U.S.
ConocoPhillips Donates $1 Mln to Univ. of Texas, Austin
ConocoPhillips (NYSE: COP) continued its commitment of funding quality higher education at The University of Texas at Austin yesterday with a contribution of $1.185 million. A portion of the donation, $685,000, is intended to support a variety of programs and activities that stimulate interest and professional development among students and faculty in their chosen disciplines within the Cockrell School of Engineering…
Conoco Seized PDVSA Products from Isla Refinery
U.S. oil major ConocoPhillips has seized products belonging to Venezuelan state oil company PDVSA from the Isla refinery it runs on Curacao, an island official told Reuters on Sunday.Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts to collect on a $2 billion arbitral award linked to the 2007 nationalization of Conoco assets under…
ConocoPhillips Not Close to Recouping $2 bln From PDVSA
U.S. oil producer ConocoPhillips is nowhere close to recouping the value of a $2 billion arbitration award against Venezuelan state oil company PDVSA , its chief executive said on Tuesday.Conoco has won court orders allowing it to begin seizing PDVSA assets in efforts to collect on the award linked to the 2007 nationalization of the company's assets under late Venezuelan leader Hugo Chavez."It's not close to the $2 billion today…
ConocoPhillips Shareholders Reject Executive Pay Proposal
Shareholders of oil producer ConocoPhillips rejected a proposal at their annual meeting on Tuesday that would have linked executive compensation with U.S. accounting standards.Shareholders of the company, who met in a Houston hotel, also approved a slate of 10 for the board of directors and voted in favor of the existing executive compensation program.Reporting by Ernest Scheyder
Oil Hedge Helps Oando Prepay Debt After ConocoPhillips' Nigerian Deal
Oando Plc has prepaid $238 million out of the $753 million it borrowed to part finance the acquisition of ConocoPhillips' Nigerian oil and gas business, the company said on Tuesday. Oando bought ConocoPhillips's upstream oil and gas business in Nigeria last July for $1.5 billion, helping it transition from a marketer of refined petroleum products into one of the top players in the West African country's oil industry. (Reporting by Chijioke Ohuocha; editing by Susan Thomas)
ConocoPhillips Profit Dives Sharply
ConocoPhillips, the largest independent U.S. energy company, on Thursday reported a sharply lower quarterly profit as results were hurt by a steep decline in crude oil prices. Global oil prices fell by about half since June in the quarter, after supplies from places including North American shale fields rose as demand waned. Profit in the first quarter was $272 million, or 22 cents per share, compared with a $2.1 billion, or $1.71 per share in the same period a year earlier.
ConocoPhillips to lay off 300 after Cenovus deal
ConocoPhillips will lay off 300 Canadian workers, mostly in the country's oil capital of Calgary, after selling most of its local assets to local producer Cenovus Energy Inc, the Houston-based company said on Thursday. The layoffs will occur by the middle of May, ConocoPhillips spokesman Rob Evans said. It was not immediately clear what percentage of the Canadian workforce would be laid off.
ConocoPhillips: Qatar LNG Project Not Affected by Arab Tension
ConocoPhillips said on Thursday that production and exports of liquefied natural gas from an investment project in Qatar have not been affected by growing Middle East diplomatic tensions. Saudi Arabia, Bahrain, Egypt and the United Arab Emirates on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar has denied the allegations. Concerns have grown that global access to Qatar's LNG could be cut…
Conoco Stops Shale Gas Exploration in Poland
ConocoPhillips, the U.S. energy company, is withdrawing from shale gas exploration in Poland as it has not encountered commercial volumes of the gas, the company said on Friday. ConocoPhillips said its subsidiary Lane Energy Poland has invested around $220 million in Poland since 2009. It drilled seven wells over its three Western Baltic concessions. "Unfortunately, commercial volumes of natural gas were not encountered…
ConocoPhillips to Sell Barnett Assets
ConocoPhillips said on Thursday it would sell its assets in the Barnett shale field in Texas to Miller Thomson & Partners LLC for about $305 million. The largest U.S. independent oil producer said it expects the deal to reduce its 2017 production forecast by less than 5 million barrels of oil equivalent per day (MBOED). ConocoPhillips said it does not expect any material impact to 2017 cash flow or its other 2017 guidance items as a result of the transaction.
ConocoPhillips cuts 2016 CapEx Again
U.S. oil producer ConocoPhillips reported a bigger-than-expected quarterly loss and cut its 2016 budget for the third time this year amid a crude oil slump that has lasted for two years. ConocoPhillips, whose shares were down 1.7 percent in premarket trading, cut its capital budget to $5.5 billion from $5.7 billion. Global oil prices have slumped 60 percent since mid-2014, prompting oil producers to scale back drilling and severely curtail spending.
ConocoPhillips Aims to Spend $5.5 bln/year
ConocoPhillips said it would spend $5.5 billion annually for the rest of the decade on capital projects as long as oil prices stay above $50 per barrel. The Houston-based company also said it expects to pay off more than $4.6 billion of debt by 2020, reducing its debt load to $15 billion. Continuing a theme of focusing on profits and not production, ConocoPhillips said it would generate a 20 percent cash return on capital employed by the end of the decade.
ConocoPhillips Laying off 500 in Canada
Oil major ConocoPhillips is laying off 400 employees and 100 contractors in Canada, a company spokesman said on Tuesday, with the majority of cuts coming in the Calgary office. ConocoPhillips spokesman Rob Evans said the 400 employees were about 15 percent of the company's workforce in Canada and the cuts will take effect in mid-October. Conoco is reducing its global workforce by 10 percent on average as low oil prices bite. (Reporting by Nia Williams)
ConocoPhillips, Ecuador to settle World Bank Case
ConocoPhillips and Ecuador agreed to terms of a settlement under an arbitration award in a case where the energy company had been seeking compensation related to confiscation of assets. A World Bank panel in February ordered the South American country to pay $380 million in damages to the oil and gas producer's subsidiary Burlington Resources. ConocoPhillips said it received $75 million on Dec. 1 and would receive $262 million by April 2018.
ConocoPhillips sues Venezuela's PDVSA
Subsidiaries of U.S. oil company ConocoPhillips has sued Venezuelan state oil company PDVSA in a Delaware court, according to a court filing, accusing it of fraudulent operations involving its U.S. subsidiary Citgo. ConocoPhillips said PDVSA operations, including an ongoing bond swap that uses shares in Citgo Holding Inc as collateral, are part of an effort to prevent Conoco from collecting compensation in a dispute over a 2007 nationalization of its Venezuela holdings.
ConocoPhillips Sells Stake in JV with Rosneft, Exits Russia
U.S. oil and natural gas producer ConocoPhillips has sold its 50 percent stake in a joint venture with Russian state oil company Rosneft, a ConocoPhillips spokesman said. The exit from Russia comes about five years after ConocoPhillips sold its biggest sole asset in Russia, a stake in Lukoil, for $9.5 billion. ConocoPhillips was left with the Polar Lights JV in Russia after it sold a 30 percent interest in another joint venture to partner Lukoil in 2012.
PDVSA Diverts Crude Tanker from Curacao
Venezuela's state-run PDVSA ordered a tanker carrying Russian oil that was waiting to discharge at its Curacao terminal to divert to Venezuelan waters after ConocoPhillips introduced an order in a Caribbean court to seize its inventories and other assets in the island, according to a shipper and Reuters data on Tuesday.The Aframax tanker British Cygnet loaded crude at Russia's Primorsk terminal in April.
PDVSA Sued in US Court over Nonpayment
Venezuela's state-run oil firm PDVSA is being sued for more than $25 million in a U.S. court over non-payment of notes issued for work performed by Canadian energy contractor SNC-Lavalin, according a court filing.The suit, filed in a district court in Manhattan, is the latest in a recent series of court actions seeking to press the cash-strapped oil firm for payment, with actions in recent days by ConocoPhillips and Rusoro.