Conocophillips

ConocoPhillips Sharply Raises 2022 Capex to $7.2B, with Output Growth Driven by Alaska, Permian

ConocoPhillips Sharply Raises 2022 Capex to $7.2B, with Output Growth Driven by Alaska, Permian

ConocoPhillips is targeting full-year capital expenditures (capex) of around $7.2 billion in 2022, up from the $5.3 billion forecast for 2021, according to preliminary guidance. The Houston-based exploration and production (E&P) giant said about 60% of the spend “will be directed to the Lower 48 for short-cycle investment across the company’s extensive, high-quality unconventional asset…

December 8, 2021
ConocoPhillips Targeting Higher Threshold as Permian Position Grows

ConocoPhillips Targeting Higher Threshold as Permian Position Grows

The proverbial bar went up for ConocoPhillips during 3Q2021, and CEO Ryan Lance on Tuesday said the largest independent in the United States is on the cusp of another big step in its growth trajectory.  After acquiring Permian Basin pure-play Concho Resources Inc. earlier this year, the Houston independent joined the ranks of the largest…

November 3, 2021
EIG Strikes Nearly $1.6B Deal for Stake in Australian LNG Project

EIG Strikes Nearly $1.6B Deal for Stake in Australian LNG Project

EIG Global Energy Partners, a private equity firm that specializes in investments in energy infrastructure, agreed on Monday to pay Origin Energy Ltd $1.59 billion for a minority stake in Australia Pacific LNG Pty Limited, a joint venture with ConocoPhillips and Sinopec.   The liquefied natural gas (LNG) project is the largest by liquefaction capacity on…

October 26, 2021
Permian Oil, Natural Gas Essential through Global Energy Transition, Says ConocoPhillips CEO

Permian Oil, Natural Gas Essential through Global Energy Transition, Says ConocoPhillips CEO

The decision to plunk down $9.5 billion to purchase Royal Dutch Shell plc’s Permian Basin assets is going to give ConocoPhillips a bountiful and low-cost supply that will be necessary as the world evolves toward a low-carbon future, CEO Ryan Lance said.  The mega deal announced late Monday is for Shell’s West Texas portfolio within…

September 23, 2021
Lower 48 Output More than Doubles on Concho Takeover, Says ConocoPhillips

Lower 48 Output More than Doubles on Concho Takeover, Says ConocoPhillips

Houston-based ConocoPhillips reported higher earnings in 2Q2021 as it benefited from higher commodity prices and production driven by its recent acquisition of Permian Basin pure-play Concho Resources Inc. Excluding output from its Libya operations, the super independent reported 2Q2021 output of 1.55 million boe/d, a 566,000 boe/d increase over the same period of 2020. The…

August 3, 2021
ConocoPhillips Touts Greater Savings in Concho Acquisition, Reduces Cost and Capital Guidance

ConocoPhillips Touts Greater Savings in Concho Acquisition, Reduces Cost and Capital Guidance

ConocoPhillips raised expected savings on its 2021 acquisition of Concho Resources Inc. to $1 billion and lifted its planned share buybacks by the same amount, a show of confidence in the deal and the company’s outlook as it emerges from the pandemic. The upbeat tone emerged during a market update Wednesday, during which executives emphasized…

June 30, 2021
ConocoPhillips Bounces Back Along with Oil Demand, February Spike in Natural Gas Prices

ConocoPhillips Bounces Back Along with Oil Demand, February Spike in Natural Gas Prices

ConocoPhillips’ 1Q2021 profit marked its first amid the coronavirus pandemic and reflected both a recovery in global oil demand and a winter surge in domestic natural gas prices. The Houston-based energy giant in the first quarter also closed its $9.7 billion acquisition of Concho Resources Inc., forming a Permian Basin powerhouse that will rival the…

May 4, 2021
ConocoPhillips’ Lower 48 Oil, Natural Gas Prices and Production Strengthen in First Quarter

ConocoPhillips’ Lower 48 Oil, Natural Gas Prices and Production Strengthen in First Quarter

Houston-based ConocoPhillips said Wednesday its commodity prices climbed, and oil and gas production was more than 29% higher in the first quarter than the final three months of last year as energy demand rose. In an interim update as the first quarter drew to a close, the world’s largest independent said production in 1Q2021 averaged…

March 31, 2021
ConocoPhillips Touts Second ‘Significant’ Discovery Offshore Norway in As Many Months

ConocoPhillips Touts Second ‘Significant’ Discovery Offshore Norway in As Many Months

ConocoPhillips on Tuesday announced a new oil find offshore Norway that it estimated could generate between 75 million and 200 million recoverable boe. It marked the second “significant” discovery in the region in as many months, the company said, building upon earlier successes near Norway. The latest discovery well was drilled in 1,165 feet of…

December 22, 2020
ConocoPhillips Estimating Nearly 20% Year/Year Decline in Production, $15 Hit to Prices in 3Q2020

ConocoPhillips Estimating Nearly 20% Year/Year Decline in Production, $15 Hit to Prices in 3Q2020

ConocoPhillips expects to see its third quarter 2020 production suffer another double-digit blow and realized prices take a roughly $15 hit as the Houston-based independent curtailed volumes to combat the weak oil environment. In an operations update issued Wednesday, ConocoPhillips said it expects to report a roughly 262,000 boe/d year/year decline (19.7%) in third quarter…

September 30, 2020
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