ConocoPhillips Stock Price, News & Analysis

ConocoPhillips (NYSE: COP) has extended the expiration date for the exchange offers to eligible holders of Concho Resources' outstanding notes. The new expiration is set for Feb. 4, 2021. The offers allow for the exchange of up to $3.9 billion in new notes and cash. As of Jan. 14, 2021, significant amounts of existing notes have been tendered, including approximately 97.92% of the 3.750% Senior Notes due 2027. The exchange offers and related consent solicitations are linked to the planned merger with Concho, which will make Concho a wholly owned subsidiary.

AM Best has affirmed Sooner Insurance Company's Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of 'a+' with a stable outlook. These ratings indicate Sooner's very strong balance sheet strength and consistent strong operating performance over the past decade, primarily due to solid underwriting profits. The company benefits from a robust relationship with its parent, ConocoPhillips (COP), which underpins its financial stability and risk management. The ratings reflect the critical role Sooner plays in ConocoPhillips' overall enterprise risk management.

ConocoPhillips (NYSE: COP) has announced a significant oil discovery at the Slagugle prospect, located 14 miles from the Heidrun Field in the Norwegian Sea. The company, holding an 80% stake in production license 891, estimates recoverable oil equivalent at 75 to 200 million barrels. This marks the fourth successful exploration well for ConocoPhillips on the Norwegian Continental Shelf in 16 months, showcasing low-cost resource additions. The discovery well, drilled in 1,165 feet of water, reached a total depth of 7,149 feet.

ConocoPhillips (NYSE: COP) announced the commencement of Exchange Offers for outstanding notes issued by Concho Resources, allowing eligible holders to exchange up to $3.9 billion in Existing Concho Notes for new notes and cash. The early tender deadline is set for December 18, 2020, with substantial participation indicated, including 97.91% of the 3.750% Senior Notes due 2027. Notably, the company has increased exchange consideration for notes tendered after the early tender date. The Exchange Offers will expire on January 15, 2021, unless extended.

ConocoPhillips (NYSE: COP) will host a conference call on Feb. 2, 2021, at 12:00 p.m. Eastern to discuss its fourth-quarter 2020 financial results, which will be released before the market opens on the same day. Interested parties can access the webcast via the company’s Investor Relations site, and registration is encouraged at least 15 minutes prior to the event. Additionally, a recording of the call will be available later.

As of September 30, 2020, ConocoPhillips had total assets of $63 billion and operated in 15 countries.

ConocoPhillips (NYSE: COP) has initiated Exchange Offers for eligible holders to exchange outstanding notes issued by Concho Resources Inc. (NYSE: CXO) as part of its planned acquisition of Concho. This includes up to $3.9 billion of new notes, guaranteed by ConocoPhillips, along with cash payments. Several series of Concho's existing senior notes, due between 2027 and 2048, are included in this offer. The Exchange Offers are contingent upon completing a merger agreement with Concho. Eligible holders can exchange notes until January 15, 2021, and may receive total exchange consideration based on tender timing.

ConocoPhillips (NYSE: COP) announced a new gas condensate discovery in production license 1009, located in the Norwegian Sea, approximately 22 miles from the Heidrun Field. The discovery well, 6507/4-1 (Warka), was drilled to a depth of 16,355 feet, in 1,312 feet of water. Preliminary estimates suggest the discovery holds between 50 and 190 million barrels of recoverable oil equivalent. ConocoPhillips Skandinavia AS operates the license with a 65% interest, while PGNiG holds 35%. This find potentially enhances ConocoPhillips' status in the North Sea and Norwegian Sea regions.

ConocoPhillips (NYSE: COP) has introduced four innovations to enhance its proprietary Optimized Cascade natural gas liquefaction process (OCP™) technology. The updates include the OCP Pro for traditional configurations and the new OCP Compass for reduced costs and simplified modularization. Additionally, new licensed products, OCP CryoSep and OCP Nitro, improve hydrocarbon recovery and nitrogen removal. The OCP Navigator software aims to optimize profitability and efficiency for licensed facilities, reflecting ConocoPhillips' commitment to advancing LNG technology amid changing market dynamics.

ConocoPhillips (COP) reported a third-quarter 2020 loss of $0.5 billion ($0.42 per share), a significant decline from $3.1 billion in earnings ($2.74 per share) in Q3 2019. Adjusted earnings fell to a loss of $0.3 billion ($0.31 per share) from $0.9 billion ($0.82 per share) in the previous year. The company produced 1,066 MBOED, down 4% year-over-year. Cash and short-term investments totaled $6.8 billion. ConocoPhillips announced an agreement to acquire Concho Resources and a commitment to net-zero emissions by 2050. The outlook for Q4 2020 production is between 1,125 to 1,165 MBOED.