Conocophillips

ConocoPhillips has big plans for North America exploration in 2008. So do BP plc, Chevron Corp., Royal Dutch Shell and Total — and that’s just the majors. But can the majors or the independents deliver on their ambitious exploration and production (E&P) plans during the new year, faced with tighter credit, expensive development costs and a dwindling workforce? Some energy analysts don’t think it’s possible.

The “Big Five” U.S. producers — ExxonMobil Corp., Royal Dutch Shell, BP plc, Chevron Corp. and ConocoPhillips — together last year spent 56% of their mighty cash flow on share repurchases and dividends, but the next 20 “second tier” U.S.-based independents were quicker on their feet, outperforming the majors in exploration and development, according to a study by the Baker Institute for Public Policy.

The “Big Five” U.S. producers — ExxonMobil Corp., Royal Dutch Shell, BP plc, Chevron Corp. and ConocoPhillips — together last year spent 56% of their mighty cash flow on share repurchases and dividends, but the next 20 “second tier” U.S.-based independents were quicker on their feet, outperforming the majors in exploration and development, according to a study by the Baker Institute for Public Policy.

Burlington Resources Inc., a subsidiary of ConocoPhillips, has agreed to pay the federal government $97.5 million to resolve claims that it underpaid royalties owed on natural gas produced from federal and Indian leases, the Department of Justice (DOJ) said last Wednesday.

Burlington Resources Inc., a subsidiary of ConocoPhillips, agreed to pay the federal government $97.5 million to resolve claims that it underpaid royalties owed on natural gas produced from federal and Indian leases, the Department of Justice (DOJ) said Wednesday.

ConocoPhillips CEO Jim Mulva said it’s unlikely the company will pursue any significant acquisitions or consider any merger opportunities for the foreseeable future.

ConocoPhillips CEO Jim Mulva cautioned Congress last week about imposing new taxes on oil and natural gas producers, which he said would discourage production in U.S. basins on- and offshore.

ConocoPhillips CEO Jim Mulva Thursday cautioned Congress about imposing new taxes on oil and natural gas producers, which he said would discourage production in U.S. basins on- and offshore.

BP, ConocoPhillips, Marathon Oil, Shell, and Walter Oil and Gas signed agreements Thursday with C. Stephen Allred, U.S. assistant secretary of Land and Minerals Management, that address the problem of missing price thresholds in deepwater Gulf of Mexico oil and gas leases that were issued in 1998 and 1999. Under the new agreements the producers will pay additional royalties on oil and gas produced under the leases. However, the payments will be made for production that started on Oct. 1, 2006.