Key Developments: ConocoPhillips (COP.N)

COP.N on New York Stock Exchange

24 Nov 2014
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Latest Key Developments (Source: Significant Developments)

ConocoPhillips Reaffirms Q4 2013 Production Guidance; Issues FY 2013 Production Guidance
Thursday, 31 Oct 2013 07:00am EDT 

ConocoPhillips reaffirmed fourth quarter 2013 production outlook, with the exception of a 50 MBOED reduction for ongoing production disruptions in Libya. Fiscal 2013 production from continuing operations is expected to be 1,505 to 1,515 MBOED. Full-year production from discontinued operations is expected to be 35 to 45 MBOED.  Full Article

ConocoPhillips Completes Sale of Kashagan Interest
Thursday, 31 Oct 2013 06:45am EDT 

ConocoPhillips announced that it has completed the transaction with KazMunayGas (KMG) for the sale of its 8.4%interest in the North Caspian Sea Production Sharing Agreement (Kashagan) for approximately $5.4 billion. Proceeds from this transaction will be available for general corporate purposes, including investments in the company`s organic growth programs.  Full Article

ConocoPhillips Announces Quarterly Dividend
Friday, 4 Oct 2013 02:00pm EDT 

ConocoPhillips announced a quarterly dividend of 69 cents per share, payable December 2, 2013, to stockholders of record at the close of business on October 15, 2013.  Full Article

Oando Energy Resources Inc Announces Update On ConocoPhillips Acquisition
Monday, 16 Sep 2013 06:05pm EDT 

Oando Energy Resources Inc announced that it has indirectly entered into an agreement with ConocoPhillips pursuant to which, amongst other things, it extended the outside date for completion of the proposed COP Acquisition from September 19, 2013to November 30, 2013. The Company has agreed with COP to terminate the agreement to purchase the shares of Phillips (Brass) Limited (PBL), which holds a 17% shareholding interest in Brass LNG Limited (the Brass LNG Purchase Agreement). As previously announced, in connection with the COP Acquisition (including the purchase of PBL), the Company paid a USD435 million deposit. Of the Deposit, USD35 million was advanced in connection with the Brass LNG Purchase Agreement. This Deposit will be applied by ConocoPhillips to the purchase agreements pertaining to the acquisition of the balance of the ConocoPhillips Nigerian oil and gas business. As a result, the net purchase price payable to complete the acquisition of the remaining assets associated with the COP Acquisition is estimated to be approximately USD1.22 billion (after deducting the Deposit and giving effect to adjustments as of the date hereof).  Full Article

ConocoPhillips Announces Sale Of Trinidad And Tobago Asset
Friday, 16 Aug 2013 04:15pm EDT 

ConocoPhillips announced that it has closed a transaction with the National Gas Company of Trinidad and Tobago Limited (NGC) for the sale of its wholly owned subsidiary, Trinidad and Tobago Holdings LLC, for a total consideration of $600 million plus customary adjustments. Trinidad and Tobago Holdings LLC holds a 39 percent interest in Phoenix Park Gas Processors Limited (PPGPL). PPGPL operates a gas processing and natural gas liquids fractionation facility located at Point Lisas, Trinidad.  Full Article

ConocoPhillips Announces Agreement To Sell Clyden Oil Sands Asset
Thursday, 8 Aug 2013 07:55am EDT 

ConocoPhillips announced it has entered into an agreement to sell its 100% interest in the Clyden oil sands leasehold to Imperial Oil and ExxonMobil Canada for approximately $720 million (CAD751 million) before customary adjustments. Comprising 226,000 net acres of undeveloped land, Clyden is located near the southern edge of the Athabasca oil sands and south of Fort McMurray, Alberta. ConocoPhillips expects to record an after-tax gain of approximately $450 million, which will be recognized upon closing anticipated later in the third quarter of 2013. Closing is contingent upon approval by Canada`s Competition Bureau.  Full Article

ConocoPhillips Issues Q3 2013 Production Guidance; Raises FY 2013 Production Guidance
Thursday, 1 Aug 2013 07:00am EDT 

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

Cairn Energy PLC Signs West African Farm Down Pact With ConocoPhillips-DJ
Thursday, 1 Aug 2013 02:36am 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

East Timor kicks out judges over ConocoPhillips tax fight

MELBOURNE, Nov 5 - East Timor has ordered five foreign judges out of the country after a court ruled in favour of U.S. oil and gas producer ConocoPhillips in cases tied to $236 million in disputed tax assessments.

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