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ConocoPhillips (COP.N)

COP.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Rowan companies reduces FY 2016 capex guidance to $140 mln-$150 mln
Wednesday, 7 Sep 2016 05:17am EDT 

Rowan Companies Plc : On September 2, received notice of a termination for convenience from ConocoPhillips regarding Rowan Gorilla Vi . Customer stated efficiency gains throughout its plug and abandonment program will result in early completion of program by year end 2016 . Says reduced its full-year 2016 capital expenditure guidance to a range of $140 million to $150 million . Says 2017 capital expenditures are expected to decline to approximately $100 million . Also reported one-well commitment from Perenco UK Limited for Rowan Gorilla VII at an undisclosed day rate below $100,000 . Is reducing its full-year 2016 contract drilling expense guidance to a range of $775 million to $785 million . Expects to complete asset impairment evaluation which may result in non-cash pre-tax impairment charge in range of $35 -$45 million for Q3 . As of September 6, 2016, company had approximately $1.0 billion in cash and its $1.5 billion revolving credit facility remains undrawn . Says charge for Q3 related to five of the company’s older jack-up rigs .ConocoPhillips contract provides for termination rate of $250,000 per day for remaining term of contract through March 2018.  Full Article

ConocoPhillips Q2 2016 earnings conference call
Thursday, 28 Jul 2016 01:05pm EDT 

ConocoPhillips : Chief Executive Ryan Lance says flat production is not a goal, but wants to at least maintain existing output . Says dividend increases, debt reduction, share repurchases among top plans for use of cash .Says doesn't believe dividend represents enough shareholder remuneration.  Full Article

ConocoPhillips reports Q2 loss per share $0.86
Thursday, 28 Jul 2016 07:22am EDT 

ConocoPhillips: Increasing its full-year 2016 production guidance to 1,540 to 1,570 mboed, reflecting strong year-to-date performance . Third-Quarter 2016 production guidance is 1,510 to 1,550 mboed, which reflects significant planned turnaround activity during quarter. . " price environment remains challenging, but our business is running well" . Quarter 2016 results; continued strong operational performance . Q2 loss per share $0.86 . Q2 earnings per share view $-0.61 -- Thomson Reuters I/B/E/S . On track for first cargo from aplng train 2 in australia and first production from alder in europe in q4 of 2016. . Lowering 2016 capital expenditures guidance from $5.7 billion to $5.5 billion. . Exceeded second-quarter guidance with production of 1,546 mboed; increasing full-year guidance. . Production for q2 of 2016 was 1,546 thousand barrels of oil equivalent per day (mboed), a decrease of 49 mboed .Second-Quarter 2016 adjusted loss per share $0.79.  Full Article

Conocophillips says expect about 6 percent of global workforce to be impacted by cost-reduction measures
Thursday, 21 Jul 2016 08:38pm EDT 

Conocophillips : Expect about 6 percent of global workforce to be impacted by cost-reduction measures,with largest impact occurring in North America Further company coverage: [COP.N] (Bengaluru Newsroom) ((+1 646 223 8780;)).  Full Article

ConocoPhillips says planning to shed another 1,000 jobs, about 6 pct of global workforce - Fuelfix
Thursday, 21 Jul 2016 06:38pm EDT 

:ConocoPhillips says it's planning to shed another 1,000 jobs, about 6 percent of its global workforce - Fuelfix.  Full Article

Conocophillips to sell its 35 percent interest in three exploration blocks offshore Senegal
Wednesday, 13 Jul 2016 06:20pm EDT 

Conocophillips : Announces intended sale of exploration blocks offshore senegal . Agreement is for $350 million plus net customary adjustments of approximately $80 million . Transaction is subject to approval of government of senegal and co-venturer preemption rights . Three offshore exploration blocks, Rufisque offshore, Sangomar offshore and Sangomar deep offshore, had net carrying value of about $250 million as of May 31 . To sell its 35 percent interest in three exploration blocks offshore senegal, which include sne and fan discoveries .Agreement is through subsidiaries of Conocophillips and Australia's Woodside Petroleum Ltd.  Full Article

Woodside Petroleum agrees to acquire Conocophillips' Senegal interests
Wednesday, 13 Jul 2016 05:51pm EDT 

Woodside Petroleum Ltd : Woodside agrees to acquire Conocophillips' Senegal interests . To acquire all of Conocophillips' interests in senegal for the purchase price of US$350 million . Entered into a binding purchase and sale agreement with ConocoPhillips to acquire all of Conocophillips' interests in Senegal . The acquisition includes the option for Woodside to operate the future development of any resource .  Full Article

ConocoPhillips sets quarterly dividend of $0.25/shr
Wednesday, 13 Jul 2016 11:10am EDT 

Conocophillips :Sets quarterly dividend of $0.25 per share.  Full Article

ConocoPhillips expects 600 workers at its Canadian oil sands facilities by week's end
Wednesday, 1 Jun 2016 02:55pm EDT 

ConocoPhillips : Spokesman says expects 600 workers at its Surmont project in Canada's fire-stricken oil sands region by week's end, up from 350 last Friday . ConocoPhillips spokesman says has "no confirmed date for production to resume" at Surmont, hopes to have more concrete timeline within 48 hours Further company coverage: [COP.N] (Reporting by Eric M. Johnson in Calgary, Alberta) ((Eric.m.johnson@thomsonreuters.co)).  Full Article

ConocoPhillips Canada president says Surmont has power
Tuesday, 10 May 2016 05:12pm EDT 

: ConocoPhillips President Ken Lueers says a team is at Surmont oil sands site, which has power . ConocoPhillips Canada president says no timeline on Surmont restart Further company coverage: [COP.N] (Reporting By Allison Martell) ((Allison.Martell@thomsonreuters.com;)).  Full Article

ConocoPhillips, Alaska to form JV for LNG marketing

ConocoPhillips' Alaskan unit and the State of Alaska have entered into a memorandum of understanding to form a joint venture to market liquefied natural gas from Alaska to global markets.