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ConocoPhillips (COP.N)

COP.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Canada energy minister says Cenovus-Conocophillips deal is a market decision
Thursday, 30 Mar 2017 11:11am EDT 

Cenovus Energy Inc : Canada energy minister, pressed on Cenovus-Conocophillips deal, says "these are market decisions" . Canada energy minister says Cenovus-Conocophillips deal shows Canadian investors giving vote of confidence to Alberta Further company coverage: [CVE.TO] (Reporting by David Ljunggren) ((david.ljunggren@thomsonreuters.com;)).  Full Article

Canada's Cenovus to review dividends after buying ConocoPhillips assets
Wednesday, 29 Mar 2017 05:17pm EDT 

Cenovus Energy Inc :Says will review dividends, after acquisition of ConocoPhillips Co assets in Canada.  Full Article

Cenovus to buy ConocoPhillips' 50 pct interest in FCCL partnership for $17.7 bln
Wednesday, 29 Mar 2017 04:29pm EDT 

Cenovus Energy Inc : Cenovus to double production and reserves in Canada . Cenovus Energy Inc - agreed to acquire ConocoPhillips' 50% interest in FCCL partnership . Cenovus Energy Inc - total consideration for purchase is $17.7 billion . Cenovus Energy Inc says Cenovus is also purchasing majority of Conocophillips' deep basin conventional assets in Alberta and British Columbia . Cenovus Energy Inc- acquisition is immediately accretive to key metrics . Cenovus Energy Inc - in 2017, Cenovus intends to spend approximately $170 million on acquired deep basin assets . As part of transaction, Cenovus has also agreed, in certain circumstances, to make contingent payments to ConocoPhillips . Cenovus Energy Inc - cash component of deal is fully financed with a portion of cash on hand, existing credit facility capacity and committed bridge loans . Cenovus Energy Inc - total consideration includes $14.1 billion in cash and 208 million Cenovus common shares . Cenovus Energy - concurrent with acquisition, Cenovus has launched a bought-deal offering of common shares for expected gross proceeds of about $3 billion . Intends to divest significant portion of legacy conventional assets to help fund transaction . Cenovus Energy Inc says in 2017, Cenovus intends to spend approximately $170 million on acquired deep basin assets . Cenovus energy inc says expects to retain key deep basin technical operating and business staff as part of acquisition.  Full Article

ConocoPhillips to sell Foster Creek Christina Lake Partnership interest, Western Canada Deep Basin Gas assets to Cenovus for $13.3 bln
Wednesday, 29 Mar 2017 04:14pm EDT 

ConocoPhillips : ConocoPhillips announces sale of Foster Creek Christina Lake partnership interest and Western Canada deep basin gas assets to Cenovus for $13.3 billion; significant transaction accelerates value proposition . ConocoPhillips - cash portion of proceeds will be used to reduce debt to $20 billion in 2017 and double existing share repurchase authorization to $6 billion . ConocoPhillips- also intends to triple its planned 2017 buybacks from $1 billion to $3 billion, with remaining $3 billion allocated to 2018 and 2019 . ConocoPhillips - disposed assets had a net book value of approximately $10.9 billion as of Dec. 31, 2016 . ConocoPhillips - ConocoPhillips Canada will retain its operated 50 percent interest in Surmont Oil Sands joint venture . ConocoPhillips - ConocoPhillips Canada will retain its operated 100 percent Blueberry-Montney unconventional acreage position . ConocoPhillips- full-year estimated 2017 production and operating expenses associated with assets being sold is $0.4 billion . ConocoPhillips- company does not expect any change to 2017 capital expenditures .ConocoPhillips - expects to recognize a financial tax accounting benefit of approximately $1 billion in Q1 of 2017.  Full Article

Ocean RIG UDW Inc Q4 loss per share $45.08
Wednesday, 22 Feb 2017 06:00pm EST 

Ocean RIG UDW Inc : Ocean RIG UDW Inc reports financial and operating results for the fourth quarter 2016 . Q4 loss per share $45.08 . Q4 revenue $355.4 million versus i/b/e/s view $313.1 million . Q4 earnings per share view $0.38 -- Thomson Reuters I/B/E/S . Ocean RIG UDW Inc says continues to explore and consider various strategic alternatives with its financial and legal advisors . Ocean RIG UDW Inc says total backlog as of February 22, 2017 amounted to $1.5 billion . Ocean RIG UDW Inc says if consensual solution cannot be reached among all stakeholders, co will consider implementation of restructuring plan . Ocean RIG UDW Inc says fleet wide utilization for Q4 of 2016 was 95.49% . Ocean RIG UDW Inc says on February 10, 2017, company reached an agreement with ConocoPhillips to terminate contract of Ocean Rig Athena . Ocean RIG UDW Inc says as part of agreement, ConocoPhillips will pay a termination fee . Ocean RIG UDW Inc says Ocean Rig Athena is presently en-route to its final lay-up location in Greece where unit will be cold stacked . Ocean RIG UDW Inc says on february 6, 2017, company reached an agreement with Premier Oil and Noble Energy .Ocean RIG UDW Inc says agreement with Premier Oil, Noble Energy was to settle disputed invoices related to contract of Eirik Raude against payment of $25 million.  Full Article

ConocoPhillips says wholly owned unit, Burlington Resources Inc, received arbitration award of $380 million from International Arbitration Tribunal
Wednesday, 8 Feb 2017 05:04pm EST 

Conocophillips : ConocoPhillips says wholly owned unit, Burlington Resources Inc, received arbitration award of $380 million from International Arbitration Tribunal . ConocoPhillips says arbitration award relates to Ecuador's "expropriation" of Burlington's investment in "breach of U.S.-Ecuador bilateral investment treaty" .ConocoPhillips says tribunal issued separate decision that Ecuador was entitled to $42 million for certain environmental and infrastructure impacts.  Full Article

ConocoPhillips says would expect costs in 2017 to be roughly same as 2016
Thursday, 2 Feb 2017 01:09pm EST 

ConocoPhillips : Chief Executive Ryan Lance says wants dividend to be 'competitive, sustainable and affordable through the cycles' . CEO says would cull debt if oil prices rise and cash flow rises . CEO says hopes President Trump provides more regulatory relief for oil industry . Says will boost Permian rig count to 11 by mid-February .Says would expect costs in 2017 to be roughly same as 2016.  Full Article

Conocophillips Q4 adjusted net loss of $0.26 per share
Thursday, 2 Feb 2017 07:00am EST 

Conocophillips : Conocophillips reports fourth-quarter and full-year 2016 results; on track to deliver 2017 operating plan and strategic priorities . Q4 loss per share $0.03 . Says excluding special items, fourth-quarter 2016 adjusted earnings were a net loss of $0.26 per share . Q4 earnings per share view $-0.42 -- Thomson Reuters I/B/E/S . Q4 revenue view $7.30 billion -- Thomson Reuters I/B/E/S . Conocophillips - full-year 2017 production is expected to be 1,540 to 1,570 mboed . Qtrly total revenue and other income $7.25 billion versus $6.77 billion . Conocophillips - first-quarter 2017 production is expected to be 1,540 to 1,580 mboed . Conocophillips - company's 2017 guidance for capital expenditures is $5.0 billion . Conocophillips - guidance for production and operating expenses is $6.1 billion, which results in adjusted operating cost guidance of $6.0 billion for fy . Conocophillips - company's qtrly total realized price was $32.93 per barrel of oil equivalent (boe), compared with $28.54 per boe in Q4 of 2015 . Says production excluding libya for q4 of 2016 was 1,587 thousand barrels of oil equivalent per day, decrease of 12 mboed .Says "company expects to rebook reserves with improving prices".  Full Article

Conocophillips says increases quarterly dividend by 6 pct to $0.265per share
Tuesday, 31 Jan 2017 03:00pm EST 

Conocophillips : Conocophillips announces 6 percent increase in quarterly dividend .Increases quarterly dividend by 6 percent to $0.265per share.  Full Article

Conocophillips Q3 loss per share $0.84
Thursday, 27 Oct 2016 07:00am EDT 

Conocophillips : Conocophillips reports third-quarter 2016 results; strong operational momentum and improved 2016 outlook . Q3 loss per share $0.84 . Q3 earnings per share view $-0.70 -- Thomson Reuters I/B/E/S . Q3 loss per share $0.66 excluding items . Company increased midpoint of full-year 2016 production guidance to 1,565 mboed, reflecting a range of 1,560 to 1,570 mboed . Conocophillips - Production for Q3 of 2016 was 1,557 thousand barrels of oil equivalent per day (mboed), increase of 3 mboed . Conocophillips -Special items for current quarter included a tax functional currency change at aplng, restructuring costs across portfolio . 2016 guidance for capital expenditures has been lowered to $5.2 billion versus prior guidance of $5.5 billion. . Conocophillips qtrly company's total realized price was $29.78 per barrel of oil equivalent (boe), compared with $32.87 per boe in Q3 of 2015 . Conocophillips -Special items for current quarter included termination of a rig contract for a Gulf of Mexico deepwater drillship and a deferred tax benefit .Conocophillips - Q3 total revenue and other income $6,516 million million versus $7,507 million.  Full Article

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For ConocoPhillips, Harvey a test of remote operations

HOUSTON ConocoPhillips is still shut out of its global headquarters nearly two weeks after Tropical Storm Harvey slammed into Houston, so Chief Executive Ryan Lance and thousands of employees are running the world's largest independent oil and natural gas producer remotely.