Key Developments: ConocoPhillips (COP.N)

COP.N on New York Stock Exchange

4 May 2015
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Latest Key Developments (Source: Significant Developments)

ConocoPhillips and group of oil, gas companies join seismic acquisition project in Barents Sea
Monday, 9 Dec 2013 07:00pm EST 

Statoil ASA:Says a group comprised of 17 oil and gas companies has established a project for joint seismic acquisition in the southeastern Barents Sea and Statoil is the operator of the project.Says the companies taking part from the beginning are BP Plc, Chevron Corp, ConocoPhillips, Det norske oljeselskap ASA, Eni SpA, GDF Suez SA, Idemitsu Kosan Co, NK Lukoil OAO, Lundin Petroleum AB, Norske Shell, PGNiG, Repsol SA, Spike, Statoil, Suncor Energy Inc, VNG and Wintershall.Says at the request of the Norwegian Ministry of Petroleum and Energy (MPE), the industry, via the Norwegian Oil and Gas Association, has taken the initiative to jointly acquire seismic 3D data from the blocks in the southeastern Barents Sea.Says the blocks will be announced in the 23rd licensing round for the Norwegian continental shelf (NCS) in 2014.Says this is the first new area on the NCS to be opened since 1994.Says 30 companies showed interest in participating in such a collaboration.Says when the authorities circulate the 23rd round nominated blocks for public consultation, other oil companies will get a new opportunity to engage in the project.Says it is expected that several companies will make use of this offer.Says the project will immediately initiate a tender process for the seismic acquisition.Says the plan is for the seismic surveys to start in Apr. 2014 and conclude in the autumn of the same year.  Full Article

Oando Energy Resources Inc provides an update on acquisition of ConocoPhillips Nigerian business
Thursday, 28 Nov 2013 09:13pm EST 

Oando Energy Resources Inc:Enters into an amendment agreement with ConocoPhillips in relation to the proposed acquisition by Oando Energy Resources of the Nigerian upstream oil and gas business of ConocoPhillips.Says the proposed acquisition comprises the indirect acquisition of all of the shares of Phillips Oil Company Nigeria Ltd (POCNL), Phillips Deepwater Exploration Nigeria Ltd (PDENL) and Conoco Exploration & Production Nigeria Ltd (collectively, the ConocoPhillips Acquisition).Says pursuant to the amendment agreement, Oando Energy Resources and ConocoPhillips agreed to extend the completion of the ConocoPhillips Acquisition form Nov. 30, 2013 to Jan. 31, 2014 (the outside date).Says OER will increase the deposit for the acquisition of the shares of PDENL by $15 million, and has agreed to pay the increased deposit amount to ConocoPhillips by no later than Dec. 6, 2013.Says as consideration for the extension of the outside date, the purchase price of the shares of POCNL will be increased by $10 million per month for the period from Dec. 1, up to but excluding the outside date of Jan. 31, 2014.Says a result of the amendments referred to above, the net purchase price payable to complete the ConocoPhillips Acquisition is estimated to be approximately $1.23 billion.  Full Article

ConocoPhillips completes sale of algeria business unit
Wednesday, 27 Nov 2013 08:30am EST 

ConocoPhillips:Says it has completed the transaction with Pertamina for the sale of its Algeria business unit for a total sales price of $1.75 billion.Says which resulted in proceeds of $1.65 billion, including customary adjustments.Says proceeds will be available for general corporate purposes, including investments in the company's organic growth programs.  Full Article

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

Myanmar awards Statoil, Conoco Phillips deepsea exploration contract- paper

YANGON, May 3 - Myanmar has awarded contracts to international oil majors Statoil and ConocoPhillips for oil and gas exploration in a deepwater offshore block, the official Kyemon Daily said on Sunday.

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