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 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 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 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 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.
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 Reports Q4 Loss, Cuts CapEx Again
ConocoPhillips, the largest independent oil and gas company, on Thursday reported a quarterly loss and again slashed its 2015 capital expenditures, citing lower crude prices. Rising supplies of oil from sources including North American shale basins and weakening demand have left global markets flooded with oil, a market imbalance that has caused prices to plummet almost 60 percent since June.
ConocoPhillips: Slow & Steady Wins the Race
ConocoPhillips has beaten its 2017 asset sales target less than four months into the year, after shedding $30.8 billion worth of energy assets in six years. But instead of a chorus of cheers on Wall Street, Chief Executive Ryan Lance is facing investor skepticism that the company can deliver growth from remaining oil and gas fields. ConocoPhillips' most recent sales of Canadian oil-sands properties and U.S.
ConocoPhillips Hits Snag in Senegal Deepwater Stake Sale to Woodside
ConocoPhillips' plan to sell its stake in an oil find off Senegal to Woodside Petroleum hit a speed-bump on Tuesday as a junior partner attempted to buy time to pre-empt the deal at the same time it announced an increase in the size of the field. ConocoPhillips agreed in July to sell its 35 percent stake in the deepwater SNE field offshore Senegal to Woodside for up to $430 million. At the time, the SNE field was estimated to hold 561 million barrels of oil.
Conoco to Dismantle Historic Norwegian Platform
ConocoPhillips has won permission to prepare for the removal of the first permanent oil platform built off Norway more than 40 years ago, the country's industry regulator said on Thursday. The U.S. company applied in July to remove Ekofisk 2/4 A, which started producing oil from the North Sea in 1974 and shut permanently in 2013. Production at the Ekofisk field began in 1971 from the Gulftide jack-up rig, a temporary installation standing on removable legs.
Woodside Acquires ConocoPhillips' Senegal Interests
Woodside has entered into a binding Purchase and Sale Agreement (PSA) with ConocoPhillips to acquire all of ConocoPhillips’ interests in Senegal for the purchase price of US$350 million, based on an effective date of 1 January 2016, plus a completion adjustment of approximately US$80 million. Under the PSA, Woodside will acquire 100% of the shares in ConocoPhillips Senegal B.V. which holds…
Maersk Innovator Contract Extended on Eldfisk
Maersk Drilling has been awarded a contract extension for the jack-up rig Mærsk Innovator with ConocoPhillips Norway for work on the Eldfisk field, part of the greater Ekofisk area, offshore Norway. The duration of the contract extension is 16 months. The extension is in direct continuation of the current contract expiring in February 2017, thus keeping the rig continuously contracted until June 2018. The estimated value of the contract extension is USD 142m.
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 sells San Juan basin Assets
ConocoPhillips, the largest U.S. independent oil producer, said on Thursday it would sell natural gas-heavy assets in San Juan basin to privately held Hilcorp Energy Co for about $3 billion. ConocoPhillips has been selling assets to reduce its exposure to profit-sapping natural gas assets and shore up its balance sheet. The assets, which span New Mexico and Southwestern Colorado, produced 124…
ConocoPhillips Posts Smaller-than-Expected Loss
ConocoPhillips, the largest U.S. independent oil producer, reported a smaller-than-expected loss, helped by higher oil prices and lower costs. The company's total realized price was $32.93 per barrel of oil equivalent (BOE), 15.4 percent higher a year ago, it said on Thursday. The Houston-based company's operating costs were down 21.5 percent in the fourth quarter. Excluding Libya, production was marginally down at 1.59 million barrels of oil equivalent per day.
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 Indonesia Q1 Output Rises
ConocoPhillips Indonesia, a unit of U.S.-based ConocoPhillips , posted an 11 percent rise in crude oil output in the first quarter of this year at 10,000 barrels of oil per day, said Director Daren Beaudo. The firm also said its liquefied natural gas (LNG) output reached 5,000 barrels of oil equivalent per day, up 25 percent from 4,000 bopd a year earlier. ConocoPhillips Indonesia produces crude and gas from its two blocks - South Natuna Sea Block B and Corridor South Sumatra block.
PetroChina Takes Stake in Australian Offshore Exploration
PetroChina Company signs agreements with ConocoPhillips to take interests in W. Australian exploration assets & a JSA in China. Under these agreements, PetroChina will acquire 20% interest in the Poseidon offshore discovery in the Browse Basin, and 29% interest in the Goldwyer Shale onshore Canning Basin. In addition, PetroChina and ConocoPhillips will enter into a Joint Study Agreement (JSA) to study unconventional gas resource in the Neijiang-Dazu Block in China’s Sichuan Basin.
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 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.