ConocoPhillips’ Executive Vice President Alan Hirshberg used last Thursday’s 4Q2017 earnings conference call to highlight gains in the Permian Basin and the Eagle Ford and Bakken shales.
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Following an exceptional year results-wise, ConocoPhillips CEO Ryan Lance on Thursday announced the Houston super independent is spending $400 million to bolt-on leases in Alaska, even as it continues to emphasize Lower 48 unconventional development.
Despite placing a record 900 tracts of the National Petroleum Reserve in Alaska (NPR-A) up for auction Wednesday, oil and natural gas producers stayed away, leaving the Department of Interior’s (DOI) Bureau of Land Management (BLM) left to count a paltry seven bids.
ConocoPhillips expects to grow oil and natural gas production by 5% and spend $5.5 billion a year on capital expenditures (capex) through 2020, but executives said the company could maintain flat production, including in the U.S. onshore, to leave room for dividends in case oil prices decline.
ConocoPhillips 3Q2017 earnings were up for a second consecutive quarter, even as production declined, according to the Houston-based independent, which said Thursday it has cut its 2017 capital expenditures (capex) budget by 10%.
An executive with ConocoPhillips said the company is taking its time to test and understand the geology of the Permian Basin, following the same approach it used to develop its position in the Eagle Ford Shale, but that merger and acquisition (M&A) activity is “not a priority.”
ConocoPhillips, unable to find a buyer for its Kenai natural gas export facility in Alaska, plans to shutter operations until market conditions improve.
ConocoPhillips on Thursday continued its turn away from natural gas and to more oil-weighted projects after snagging $305 million from an affiliate of Miller Thomson & Partners LLC for its legacy gas-rich Barnett Shale portfolio.
Houston-based ConocoPhillips, the largest operator in the natural gas-rich San Juan Basin, agreed Thursday to sell the portfolio for up to $3 billion to an affiliate of Hilcorp Energy Co.
Calgary-based Cenovus Energy Inc. is taking full control of some Western Canadian oilsands assets and adding three million net acres to its natural gas-rich Deep Basin portfolio in a transformative $13.3 billion (C$17.7 billion) transaction with ConocoPhillips.