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ConocoPhillips (COP)

COP on New York Consolidated

47.91USD
24 Apr 2017
Change (% chg)

$0.17 (+0.36%)
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Latest Key Developments (Source: Significant Developments)

Hilcorp affiliate to acquire San Juan Basin assets from ConocoPhillips
Thursday, 13 Apr 2017 07:35am EDT 

Hilcorp San Juan L.P.: Hilcorp affiliate to acquire San Juan Basin assets from ConocoPhillips .Hilcorp - Hilcorp San Juan, L.P. Has entered into a definitive agreement to purchase interests in San Juan basin from ConocoPhillips.  Full Article

Conocophillips announces agreement to sell San Juan basin assets
Thursday, 13 Apr 2017 07:30am EDT 

Conocophillips : Conocophillips announces agreement to sell San Juan basin assets . Conocophillips - to sell its interests in San Juan basin to an affiliate of Hilcorp Energy company for up to $3.0 billion of total proceeds . Says deal comprises of $2.7 billion in cash and a contingent payment of up to $300 million . Conocophillips - contingent payment is effective beginning Jan. 1, 2018 and has a term of six years . Conocophillips- expects to record a non-cash impairment on assets in Q2 of 2017 . Conocophillips - company expects to record a non-cash impairment on assets in Q2 of 2017 . Conocophillips - including recently announced Canadian asset sales, the transactions will materially reduce co's exposure to North American gas .Conocophillips - post Canadian and San Juan basin transactions, sees 2017 nar production on pro forma basis of 1,145 – 1,175 mboed.  Full Article

Seadrill: North Atlantic drilling wins ConocoPhillips contract
Tuesday, 11 Apr 2017 01:45am EDT 

Seadrill Ltd : north atlantic drilling announces contract awards for the West Wlara and the West Linus . Total additional backlog for new contract awards is estimated at $1.4 billion excluding performance bonuses. . As part of agreement, company has agreed to a dayrate adjustment on existing west linus contract effective from april 2017, resulting in a $58 million reduction in current backlog. . New west elara contract which is expected to commence in october 2017 includes a period of fixed dayrates until march 2020 and contributes approximately $160 million of contract backlog. A . Contract on west linus has been extended from may 2019 until end of 2028 at a market indexed dayrate, which company believes will contribute an estimated $706 million of contract backlog. .Work is for ConocoPhillips at the Ekofisk field off Norway..  Full Article

Cenovus achieves key acquisition financing milestones
Thursday, 6 Apr 2017 08:02pm EDT 

Cenovus Energy Inc : Cenovus achieves key acquisition financing milestones . Cenovus Energy Inc - acquisition is expected to close in Q2 of this year . Cenovus Energy - issuing common shares to conocophillips and intends to use portion of existing cash on hand and available credit facility capacity to help finance acquisition . Has fully committed bridge financing in place to manage timing differences in funding of transaction . Cenovus Energy Inc - on closing of acquisition, company anticipates having approximately $4 billion in remaining liquidity, including $1 billion in cash on hand . Cenovus Energy Inc - Cenovus expects to have capacity to generate 2018 free funds flow of approximately $500 million in a US$50 WTI price environment .As part of plan to deleverage, strengthen balance sheet t, co expects to make additional asset divestitures as required.  Full Article

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

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