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ConocoPhillips (COP.N)

COP.N on New York Stock Exchange

23 Feb 2017
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Latest Key Developments (Source: Significant Developments)

ConocoPhillips - Lac Megantic victims' fund to begin payments without CP Rail - Reuters
Tuesday, 22 Dec 2015 07:25pm EST 

ConocoPhillips:A C$460 million settlement fund for victims of the 2013 Lac-Megantic crude-by-rail disaster will begin disbursements this week without the participation of Canadian Pacific Railway, the monitor involved in the payments said on Tuesday - RTRS.47 people were killed and the downtown core of the town was destroyed following the derailment of a Montreal Maine & Atlantic Railway, Ltd train carrying Bakken crude oil in July 2013 - RTRS.Parties previously named in a class action lawsuit launched after the disaster, including Irving Oil, General Electric Co, Royal Dutch Shell Plc, ConocoPhillips, Marathon Oil, have agreed to contribute to the settlement fund - RTRS.CP, which is being sued by the Quebec government for C$409 mln in Quebec Superior Court in a case related to the disaster, is not part of the fund, said a spokesman for Richter Advisory Group Inc - RTRS.CP is now the only company being threatened by a separate class action. The first amount of C$114 million will be transferred this week to the holders of wrongful death claims - RTRS.Canadian Pacific said it is not responsible for the disaster. "It was not our train, not our track, not our locomotive and not our crew," said CP spokesman Marty Cej in an email. - RTRS.The Quebec government lawsuit alleges CP, which hauled the cars from North Dakota to Montreal, was negligent when it handed over the tank cars to the Montreal, Maine and Atlantic Railway - RTRS.  Full Article

ConocoPhillips reaffirms FY 2015 production guidance; gives FY 2016 production guidance
Thursday, 10 Dec 2015 08:00am EST 

ConocoPhillips:Says that its FY 2015 production guidance remains unchanged at 1,585 to 1,595 MBOED, excluding dispositions.Says FY 2015 production associated with $2.3 billion of divestitures is about 70 MBOED.Adjusted for these volumes, 2015 production guidance would be 1,515 to 1,525 MBOED.Says this is the new baseline from which the company expects to grow 1 to 3 percent in FY 2016.Says all guidance excludes Libya.  Full Article

Chinese court orders ConocoPhillips to pay $266,000 over 2011 oil spills - Reuters
Thursday, 29 Oct 2015 06:45pm EDT 

ConocoPhillips:A Chinese court has ordered ConocoPhillips to pay compensation to nearly two dozen aquaculture farmers who said their livelihoods were hurt by oil spills off China's northeastern coast in 2011 - RTRS.The U.S. oil company was told to pay 1.68 mln yuan to the 21 farmers, who did not participate in a previous settlement reached in 2012 with ConocoPhillips and its partner, China National Offshore Oil Corporation (CNOOC), the Tianjin Maritime Court said in a statement on its website - RTRS.The farmers were seeking more than 141 million yuan ($22 million) from the two oil companies over leaks that were first discovered in June 2011 at the Penglai 19-3 oilfield, a joint exploration project by the two - RTRS.The leaked oil spread across as much as 6,200 sq km of water in Bohai Bay, according to court documents. The spills were sealed in October 2011, and the field, with daily production of about 160,000 barrels, was restarted in February 2013 - RTRS.The court laid responsibility for compensation solely with ConocoPhillips, the operator of the oilfield - RTRS.The two companies previously agreed to give one billion yuan in compensation for losses in the fishing industry, and 1.68 billion yuan for ecological damages in a settlement with Chinese authorities. Roughly 4,500 affected households signed onto the settlement, the court said - RTRS.  Full Article

ConocoPhillips gives Q4 2015 production guidance; reaffirms FY 2015 production guidance
Thursday, 29 Oct 2015 07:00am EDT 

ConocoPhillips:Says Q4 2015 production guidance is 1,585 to 1,625 MBOED.Says FY 2015 production guidance is 1,585 to 1,595 MBOED.  Full Article

ConocoPhillips declares quarterly dividend
Friday, 9 Oct 2015 12:30pm EDT 

ConocoPhillips:Says quarterly dividend of 74 cents per share.Payable Dec. 1 to stockholders of record at the close of business on Oct. 19.  Full Article

ConocoPhillips - U.S. judge approves settlement in Canadian oil-by-rail disaster - Reuters
Thursday, 8 Oct 2015 08:00pm EDT 

ConocoPhillips:A U.S. bankruptcy judge on Friday approved a settlement that clears the way for payments to victims of Canada's Lac-Megantic crude-by-rail derailment, according to the trustee for the insolvent railway at the heart of the disaster - Reuters.The approval came after Canadian Pacific Railway Ltd withdrew its objections to the plan, said trustee Bob Keach - Reuters.He is aiming to have the settlement funds, some C$445 million ($345 million), paid out by the end of this year - Reuters.Forty-seven people were killed on July 6, 2013, when a Montreal, Maine & Atlantic railway train carrying Bakken oil derailed and exploded in the heart of the Quebec town of Lac-Megantic - Reuters.Parties previously named in a class action lawsuit, including closely held Irving Oil, General Electric, Shell Oil Co, ConocoPhillips, Marathon Oil and others, agreed to contribute to the compensation fund for victims of the explosion - Reuters.CP Rail, which transported the oil tank cars involved in the accident to Montreal before handing them over to Montreal, Maine & Atlantic, has not contributed to the settlement. The railway has long argued that it is not responsible for what happened after it handed over the cars - Reuters.Keach said the compromise clarified that if there is a judgment against CP in the future, any financial penalty would be reduced based on what ha already been paid under the settlement agreement - Reuters.  Full Article

ConocoPhillips makes another round of cuts, eliminating 1,810 jobs with oil prices plunging - The Associated Press
Monday, 31 Aug 2015 08:00pm EDT 

ConocoPhillips:Which has already cut 1,000 jobs this year, says it will eliminate around 1,810 more positions following a plunge that took oil prices to their lowest levels in years - The Associated Press.It is eliminating 10 per cent of its workforce, The biggest proportion of the job cuts will be in North America, ConocoPhillips plans to eliminate more than 500 jobs in Houston, where it is based - The Associated Press.  Full Article

ConocoPhillips sees to achieve higher end of FY 2015 production target; gives Q3 2015 production guidance
Thursday, 30 Jul 2015 07:00am EDT 

ConocoPhillips:Says that it is on track to achieve higher end of its FY 2015 production target of 2 pct. to 3 pct. growth compared with FY 2014 production from continuing operations, excluding Libya.Expects Q3 2015 production, excluding Libya, to be 1,510 to 1,550 MBOED, which reflects planned turnaround activity during the quarter.  Full Article

ConocoPhillips announces dividend increase
Thursday, 16 Jul 2015 04:15pm EDT 

ConocoPhillips:Increase in its quarterly dividend from $0.73 per share to $0.74 per share.Payable on Sept. 1 to stockholders of record at the close of business on July 27.  Full Article

ConocoPhillips announces quarterly dividend
Tuesday, 12 May 2015 04:45pm EDT 

ConocoPhillips:Says quarterly dividend of 73 cents per share.Payable June 1 to stockholders of record at the close of business on May 22.  Full Article

More From Around the Web

ConocoPhillips revises down over one billion barrels of oil sands reserves

CALGARY, Alberta ConocoPhillips has revised down over a billion barrels of oil sands reserves because of low global crude prices, a company filing showed on Tuesday, the latest sign that some of Canada's vast hydrocarbon potential may be left untapped.