Houston-based ConocoPhillips has begun ramping up shut-in oil and gas volumes from across North America, with most output set to be “fully restored” in September. The largest independent in the world issued its second quarter results on Thursday, with CEO Ryan Lance sharing insight during a conference call. He acknowledged what many of his peers…
Articles from Conoco
ConocoPhillips is nearly doubling its leasehold and adding substantial production in Western Canada’s natural gas-rich Montney Shale following a $375 million bolt-on purchase from Calgary-based Kelt Exploration Ltd. The transaction in northeastern British Columbia (BC) announced Wednesday would add 140,000 net acres and an estimated 15,000 boe/d of output in a liquids-rich zone known as…
ConocoPhillips grew its unconventional production in three Lower 48 unconventional plays by more than 30% in the first quarter and held the line on capital expenditures (capex) and production guidance.
ConocoPhillips reported lower overall second quarter production, but unconventional output surged, leading the super independent to raise 2018 guidance and increase capital expenditures (capex) to take advantage of higher-than-expected crude oil prices.
Houston-based super independent ConocoPhillips said Tuesday it has an agreement with BP plc that would, among other things, boost its holdings in a legacy development in Alaska.
Super independent ConocoPhillips had a strong start to 2018, with production for 1Q2018 excluding Libya over 1.2 million boe/d, a 4% increase compared with 1Q2017 after adjusting for dispositions, the company said Thursday.
While the company braces for a proxy battle at its next annual meeting, El Paso Corp. on Tuesday moved forward with its plan to sell $3.4 billion in assets this year. So far it has sold $1.5 billion in assets including the sale on Tuesday of interests in 275 coal bed methane and conventional gas wells in the Rosa Federal Unit located in San Juan and Rio Arriba Counties, NM, to the Sacramento Municipal Utility District (SMUD) for $135 million.
BP, Conoco, Oneok, Reliant and Sempra topped Mastio & Co. 2002 gas marketer customer satisfaction ranking. The companies that showed the greatest improvement from 2001, Mastio said, were BP, Duke Energy, ExxonMobil and Sempra. However, of the 20 marketers in the 2001 customer satisfaction index, only 13 remained in 2002 and several of those have announced they are exiting the marketing business, Mastio noted in its statement on the ranking.
Conoco reported record results for the third quarter, as strongprices and margins for refined products and record refinerythroughputs produced net income of $523 million, or $0.83 perdiluted share, double that of third quarter 1999. “Earnings were atrecord levels for the third consecutive quarter, and majordiscoveries were made in Vietnam and the deep-water Gulf ofMexico,” said CEO Archie W. Dunham. “In the North Sea, we completedthe Norsk Hydro producing properties acquisition and broughtonstream the Vixen natural gas field. We also announced agroundbreaking 20-year supply contract to deliver Indonesiannatural gas to Malaysia. Great strides are being achieved inexploration. We are extremely encouraged by the Magnolia appraisalwell currently being drilled in the Gulf of Mexico. In addition, weunveiled the industry’s most powerful exploration supercomputerthat allows more cost-effective seismic data analysis. In a relatedstep, we began a massive geophysical survey over 2,000 deep-waterblocks in the Gulf of Mexico, using gravity gradiometry technologyonce used exclusively by the military,” he said. The company’s U.S.gas production was down 2% from 3Q99 levels to 826 MMcf/d. Itstotal net worldwide production was down 4% to 619 Mboe/d.