Billions

ConocoPhillips ‘Shrinking to Grow,’ Says Mulva

ConocoPhillips is moving away from the integrated oil and gas model and will sell billions in global assets, including 10% of its North American portfolio, to pare debt and improve shareholder returns, CEO Jim Mulva said last week.

November 2, 2009

ConocoPhillips ‘Shrinking to Grow,’ Says Mulva

ConocoPhillips is moving away from the integrated oil and gas model and will sell billions in global assets, including 10% of its North American portfolio, to pare debt and improve shareholder returns, CEO Jim Mulva said Wednesday.

October 29, 2009

ConocoPhillips to Sell $10B in Assets to Improve Financial Position

Oil and gas heavyweight ConocoPhillips said last week it is planning on divesting billions of dollars in assets over the next two years as part of a plan to improve its financial position and increase returns on capital. The company said it plans to achieve its goals through a combination of enhanced capital discipline and portfolio rationalization.

October 12, 2009

ConocoPhillips to Sell $10B in Assets to Improve Financial Position

Oil and gas heavyweight ConocoPhillips said Wednesday it is planning on divesting billions of dollars in assets over the next two years as part of a plan to improve its financial position and increase returns on capital. The company said it plans to achieve its goals through a combination of enhanced capital discipline and portfolio rationalization.

October 8, 2009

California Energy Bills Move Despite Budget Crisis

Even though California utilities have been spending billions of dollars pushing renewables and energy efficiency while preparing for stringent greenhouse gas (GHG) emission restrictions that start in 2012, a host of legislative proposals dealing with all of those issues and more were kicked around in an all-day meeting of the state Senate Energy, Utilities and Communications Committee last Tuesday. Most of the 34 items passed.

July 13, 2009

California Energy Bills Flow Despite State Budget Crisis

Even though California utilities have been spending billions of dollars pushing renewables and energy efficiency while preparing for stringent greenhouse gas (GHG) emission restrictions that start in 2012, a host of legislative proposals dealing with all of those energy issues and more were kicked around in an all-day meeting Tuesday of the state Senate Energy, Utilities and Communications Committee. Most of the proposals among an agenda packed with 34 items were passed after being amended with agreement from their authors.

July 9, 2009

S&P Becomes More Optimistic on Muni Gas Deals

In less than a week, credit rating outlooks for several pre-paid long-term natural gas purchases by public-sector utilities and the billions of dollars of bonds supporting them turned more positive Tuesday as Standard & Poor’s Ratings Services translated an uptick in the outlook for a Merrill Lynch & Co. unit as cause to remove negative outlooks on the muni deals. Earlier in May S&P was giving all of the same deals a “negative” outlook.

May 14, 2009

Industry Briefs

The U.S. House in late July passed a bill that seeks to recover billions of dollars from producers that hold flawed deepwater oil and natural gas leases that were issued by the Interior Department in 1998 and 1999. The provision was inserted at the last minute in a farm bill, which the House approved by 231-191. It would force holders of the flawed 1998-1999 offshore leases to renegotiate their contracts with the Department of Interior or pay a “conservation of resources fee” in order to bid on future government leases. The fee mirrors one that the House passed during the first 100 hours of the Democratic agenda in January (see NGI, Jan. 22). But the fee was excluded from energy legislation the Senate passed last month. Senate Democrats, however, tried to impose an excise tax on oil and gas companies, which Republicans ultimately defeated (see NGI, June 25). The Senate is not expected to take up its version of the farm bill until after the August recess, but Republican opposition is already mounting to the fee insert. A farm bill “is not the right place to decide this issue,” said Sen. Pete Domenici of New Mexico.

August 6, 2007

WPA Official Says CBM Water Pipeline Has Support

A pipeline proposed by the Wyoming Pipeline Authority (WPA) to carry off some of the billions of gallons of water produced annually from coalbed methane (CBM) operations in the Powder River Basin is close to becoming more than a pipe dream. If successful, it could defuse some complaints about the excess water byproduct of CBM development.

July 2, 2007

WPA Official Says CBM Water Pipeline Has Support

A pipeline proposed by the Wyoming Pipeline Authority (WPA) to carry off some of the billions of gallons of water produced annually from coalbed methane (CBM) operations in the Powder River Basin is close to becoming more than a pipe dream. If successful, it could defuse some complaints about the excess water byproduct of CBM development.

June 27, 2007