Key Developments: ConocoPhillips (COP)
62.74USD
22 May 2013
$-0.91 (-1.43%)
$64.31
$63.54
$63.97
$62.57
9,367,189
6,639,849
$64.77
$50.62
Latest Key Developments (Source: Significant Developments)
ConocoPhillips Announces Quarterly Dividend
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
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
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
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
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
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 Comments On Q1, FY 2013 Production Guidance
ConocoPhillips announced that for first quarter of 2013, it expects production to be 1,580 to 1,600 MBOED, including production from discontinued operations of approximately 40 MBOED. For fiscal 2013, it expects production from continuing operations to be 1,475 to 1,525 MBOED. Full Article
Kazakhstan Buys ConocoPhillips Stake In Offshore Oil Block-Reuters
Reuters reported that Kazakhstan's state oil company KazMunaiGas (KMG) has bought a 24.5% stake held by U.S. energy major ConocoPhillips in the Nursultan offshore oil block in the Caspian, disclosing no price. The block holds an estimated 270 million tonnes of recoverable oil reserves, and commercial production at the field is expected to start in 2016. With the acquisition of the stake, KMG will now hold a 75.5% share in the exploration and development project and Abu Dhabi state investment company Mubadala the remaining 24.5%. Full Article
ConocoPhillips Announces Agreement To Sell Cedar Creek Anticline Properties For $1.05 Billion
ConocoPhillips announced that it has entered into an agreement to sell its properties in the Cedar Creek Anticline for a total of $1.05 billion before customary adjustments. ConocoPhillips has entered into an agreement with Denbury Resources Inc.'s principal operating subsidiary to sell ConocoPhillips properties in the Cedar Creek Anticline, comprising approximately 86,000 net acres in southwestern North Dakota and eastern Montana. ConocoPhillips` 2012 net production from these properties averaged 13 thousand barrels of oil equivalent per day through November. The sale does not include any of ConocoPhillips` assets in the Bakken Formation, where ConocoPhillips owns 626,000 net acres, consisting of 207,000 net lease acres and 419,000 net mineral acres Full Article
Oando Energy Resources Inc Signs Agreements To Acquire ConocoPhillips Nigerian Assets For $1.79 Billion
Oando Energy Resources Inc announced that it has entered into an agreement with ConocoPhillips to acquire ConocoPhillips' Nigerian businesses for a total cash consideration of approximately $1.79 billion, subject to customary adjustments. ConocoPhillips' Nigerian businesses consist of: Phillips Oil Company Nigeria Limited, which holds a 20% non-operating interest in Oil Mining Leases 60, 61, 62, and 63 as well as related infrastructure and facilities in the Nigerian Agip Oil Company Limited (NAOC) Joint Venture. Conoco Exploration and Production Nigeria Limited (CEPNL), which holds a 95% operating interest in OML 131. Pursuant to the Proposed Acquisition, OER will indirectly purchase all of the issued share capital of POCNL, PBL, CEPNL and PDENL. Upon closing, the effective date of the Proposed Acquisition will be January 1, 2012. Upon signing of the Sale and Purchase Agreements, the Company paid a cash deposit of $435 million to ConocoPhillips. The payment of the Deposit was financed by a $345 million loan from Oando Plc, a company which owns 94.6% of the shares of OER, and $90 million funded through secured bridge loans, each of which is guaranteed by Oando, from local Nigerian banks. It is expected that the remainder of the Purchase Price for the Proposed Acquisition (approximately $1.355 billion) will be financed by way of equity and debt, including private placements of equity-linked securities and a follow-on offering of OER shares. Full Article
ConocoPhillips first-quarter profit, output lower
- ConocoPhillips reported lower quarterly earnings on Thursday as oil and natural gas production edged down along with crude prices.
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