Conocophillips

Kohlberg Kravis Roberts & Co. (KKR) said Tuesday it has acquired Barnett Shale properties from ConocoPhillips. The deal is the latest in the private equity giant’s march into North American gas shale plays.

Denali — The Alaska Gas Pipeline, which is owned by subsidiaries of BP plc and ConocoPhillips, filed its open season plan last week with FERC for a $35 billion project to carry Alaska natural gas from the North Slope to Lower 48 markets. Denali said it expects the project to be in service in 2020.

Denali — The Alaska Gas Pipeline, which is owned by subsidiaries of BP and ConocoPhillips, filed its open season plan Wednesday with FERC for a $35 billion project to carry Alaska natural gas from the North Slope to Lower 48 markets. Denali said it expects the project to be in service in 2020.

Denali — The Alaska Gas Pipeline, which is owned by subsidiaries of BP and ConocoPhillips, filed its open season plan Wednesday with FERC for a $35 billion project to carry Alaska natural gas from the North Slope to Lower 48 markets. Denali said it expects the project to be in service in 2020.

ConocoPhillips’ natural gas and oil production worldwide rose in the first three months of the year, but its exploration and production (E&P) unit apparently suffered because of lower gas prices in North America. In an interim quarterly earnings update, the Houston-based producer said it expects 1Q2009 production to be about 30,000 boe/d more than in 4Q2008. E&P results, however, are expected to be impacted by “losses in the U.S. Lower 48 and Canada mainly due to lower realized natural gas prices.” Exploration expenses for the quarter were estimated to be around $275 million before taxes. CEO Jim Mulva early this year projected that the company’s output in 1Q2009 would be flat sequentially (see NGI, Jan. 26). The company swung to a loss of $34 billion in 4Q2008. Midstream operating results are seen falling in 1Q2009 because of a drop in natural gas liquids prices. However, Conoco expects to record an $85 million gain related to the recognition of deferred gains on shares issued by a unit of DCP Midstream Partners LP, a joint venture of Spectra Energy and Conoco. Conoco is scheduled to issue its quarterly results on April 23.

ConocoPhillips’ natural gas and oil production worldwide rose in the first three months of the year, but its exploration and production (E&P) unit suffered because of lower gas prices in North America, the company said Thursday.

ConocoPhillips avoided the “feeding frenzies” that followed the hyped natural gas and oil discoveries in North America, but that doesn’t mean the company hasn’t been surreptitiously piecing together acreage in emerging tight gas and oil shale plays across the continent, company officials said last week.

ConocoPhillips avoided the “feeding frenzies” that followed the hyped natural gas and oil discoveries in North America, but that doesn’t mean the company hasn’t been surreptitiously piecing together acreage in emerging tight gas and oil shale plays across the continent, COO John Carrig said Wednesday.

The Federal Energy Regulatory Commission has ordered ConocoPhillips and Marathon Oil to begin submitting semi-annual operation reports and significant incidents reports for their liquefied natural gas (LNG) export terminal and storage facility in Kenai, AK. The Commission in 1967 approved the companies’ request for authorization to export LNG from the Kenai facility, but FERC at the time did not subject the facility to the reporting and inspection requirements that now apply to all other operational LNG terminals. The Kenai facilities, which export LNG to Pacific Rim countries, “will be subject to a cryogenic design and technical review of the facility’s design, operation and maintenance” by FERC; regular Commission staff technical reviews and site inspections on at least an annual basis or more frequently; and will be required to file semi-annual operational reports that identify changes in facility design and operating conditions, abnormal operating experiences, plant modifications and future plans. Reports are to be filed within 45 days after each period ending June 30 and Dec. 31.