Key Developments: ConocoPhillips (COP.N)

COP.N on New York Stock Exchange

66.09USD
1 Aug 2013
Price Change (% chg)

$1.23 (+1.90%)
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$64.86
Open
$65.89
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$66.28
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$65.53
Volume
1,656,618
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$66.28
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Latest Key Developments (Source: Significant Developments)

ConocoPhillips Issues Q3 2013 Production Guidance; Raises FY 2013 Production Guidance
7:00am EDT 

ConocoPhillips announced that for third-quarter 2013 production from continuing operations is expected to be 1,460 to 1,490 MBOED, reflecting previously announced planned downtime and turnaround activity. Fiscal 2013 production from continuing operations is expected to be 1,515 to 1,530 MBOED. Fiscal 2013 production from discontinued operations is expected to be 25 to 40 MBOED.  Full Article

Cairn Energy PLC Signs West African Farm Down Pact With ConocoPhillips-DJ
2:36am EDT 

Dow Jones reported that Cairn Energy PLC said it has entered into a farm down agreement with ConocoPhillips (COP) for three contiguous blocks located offshore Senegal, West Africa. Under the terms of the agreement, which is subject to Government of Senegal approval, ConocoPhillips will acquire a 25% working interest from Cairn in the three contiguous blocks - Rufisque, Sangomar and Sangomar Deep where a 2,050 kilometer square 3D seismic survey has been used to identify prospects. The exploration campaign is targeting a block wide potential of more than 1.5 billion barrels of yet to find resource with a proposed two well program with drilling expected to commence in first half of 2014 with the Cairn contracted Cajun Express rig. Cairn will retain operatorship and 40% interest in the blocks during the exploration phase. Petrosen, the Senegal National Oil Company, will retain a 10% interest in the exploration phase. In the event of a commercial success, ConocoPhillips would have the option to operate the future development of the resource. The detailed financial terms of the agreement are confidential; however, ConocoPhillips will pay Cairn a payment inclusive of a portion of back costs on the blocks, along with promoted terms of future exploration expenditure.  Full Article

ConocoPhillips Announces 4.5% Increase In Quarterly Dividend
Thursday, 11 Jul 2013 08:30am EDT 

ConocoPhillips announced that its board of directors has raised the Company's quarterly dividend to $0.69 per share, an increase of 4.5%.  Full Article

India Government Approves ONGC Videsh Ltd Bid To Buy Stake From ConocoPhillips In Kazakh Oil Field-DJ
Monday, 27 May 2013 04:44am EDT 

Dow Jones reported that the India's government has allowed state-run ONGC Videsh Ltd. to buy a minority stake from ConocoPhillips (COP) in an oil field in Kazakhstan for $5.5 billion, a senior ONGC executive said Monday. The deal now need the Kazakh government's permission to go through. ONGC Videsh had signed an agreement on buying an 8.4% stake in the Kashagan oil and gas field from ConocoPhillips in November last year.  Full Article

ConocoPhillips Announces Quarterly Dividend
Tuesday, 14 May 2013 03:15pm EDT 

ConocoPhillips announced a quarterly dividend of 66 cents per share, payable June 3, 2013, to stockholders of record at the close of business on May 24, 2013.  Full Article

ConocoPhillips Issues Q2 2013 Production Guidance; Narrows FY 2013 Production Guidance
Thursday, 25 Apr 2013 07:00am EDT 

ConocoPhillips announced that for second quarter of 2013, it expects production from continuing operations is expected to be 1,440 to 1,470 MBOED, reflecting previously announced planned downtime and turnaround activity. Production from discontinued operations is expected to be approximately 40 MBOED. For fiscal 2013, it expects production from continuing operations 1,485 to 1,520 MBOED.  Full Article

Denbury Resources Inc Announces Acquisition Of Rocky Mountain Property From ConocoPhillips's Subsidiary
Thursday, 28 Mar 2013 07:30am EDT 

Denbury Resources Inc announced the closing of acquisition of producing property interests in the Cedar Creek Anticline (CCA) of Montana and North Dakota from a wholly owned subsidiary of ConocoPhillips for cash consideration of $1.05 billion before purchase price adjustments. The acquired assets include additional interests in certain of Denbury's existing operated fields in CCA along with operating interests in other CCA fields. The Company estimates the final adjusted purchase price will be closer to $1.0 billion after adjustment for the net cash flows from the assets between the January 1, 2013 effective date and the closing date. The purchase was part of a like-kind exchange transaction that was funded with a portion of the cash received from the Company's Bakken sale and asset exchange with ExxonMobil completed in December 2012.  Full Article

Canacol Energy Ltd's Canacol Energy Colombia S.A. And ConocoPhillips' ConocoPhillips Colombia Ventures Ltd Sign Agreement For Shale Oil Exploration Project
Wednesday, 27 Feb 2013 06:30am EST 

Canacol Energy Ltd announced that wholly owned subsidiary, Canacol Energy Colombia S.A. (CEC), has entered into a farm-out agreement (the FOA) with ConocoPhillips Colombia Ventures Ltd., a wholly owned subsidiary of ConocoPhillips Company for the exploration and potential development of the Corporation's operated Santa Isabel exploration and production (E&P) contract located in the Middle Magdalena basin of Colombia. Pursuant to the terms of the FOA, ConocoPhillips will carry the cost of the drilling, completing, and testing of up to 13 wells (presently expected to comprise 5 exploration and 8 appraisal wells), covering in full actual drilling, completion, and testing costs, to earn 70% of Canacol's 100% working interest in the deeper Cretaceous section. Canacol will retain 100% interest in the shallow Tertiary section. ConocoPhillips will also pay Canacol a bonus of USD13,500,000 in two separate tranches upon the fulfillment of certain conditions outlined in the FOA. Canacol will remain operator of Santa Isabel for the drilling, completion, and testing of up to the second exploration well.  Full Article

ConocoPhillips Announces Three Agreements with PetroChina Co Ltd
Wednesday, 20 Feb 2013 01:45pm EST 

ConocoPhillips announced that it has entered into a set of agreements with PetroChina Company Ltd. (PetroChina) whereby PetroChina will acquire an interest in two Western Australia exploration assets and establish a Joint Study Agreement (JSA) for unconventional resource development in Sichuan Basin in China. Under these agreements, which still require government and partner approvals, PetroChina will acquire a working interest in the Poseidon offshore discovery in the Browse Basin, and in the Goldwyer Shale in the onshore Canning Basin. In addition, ConocoPhillips will enter into a Joint Study Agreement to identify unconventional resource reserves in the Neijiang-Dazu Block in China`s Sichuan Basin. Under the terms of the agreement with ConocoPhillips, PetroChina will acquire working interest in the two Australian projects; specifically 20% of Poseidon in the Browse Basin and 29% of Goldwyer in the Canning Basin. Under the JSA, ConocoPhillips and PetroChina will study the potential for unconventional resource development in the approximately 500,000 acre Neijiang-Dazu Shale Block in the Sichuan Basin. The joint study will be an important step in evaluating the potential for unconventional resource exploration in the area. If technically and commercially viable, the companies will advance development under a production sharing contract, which would be agreed upon during the study period  Full Article

ConocoPhillips Announces Quarterly Dividend
Wednesday, 6 Feb 2013 12:30pm EST 

ConocoPhillips announced a quarterly dividend of 66 cents per share, payable March 1, 2013, to stockholders of record at the close of business on Feb. 18, 2013.  Full Article

ConocoPhillips beats estimates as output increases

- ConocoPhillips reported a better-than-expected profit due to higher oil and gas output and raised its full-year production forecast.

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