Welcome to our dedicated page for ConocoPhillips news (Ticker: COP), a resource for investors and traders seeking the latest updates and insights on ConocoPhillips stock.
ConocoPhillips (NYSE: COP) is a global exploration and production company that reports on its oil, gas and LNG activities through regular news releases and investor communications. The company describes its portfolio as deep, durable and diverse, and it uses its news flow to provide updates on financial and operating results, capital allocation decisions and developments across its global asset base.
On this news page, readers can follow ConocoPhillips announcements about quarterly earnings and operating results, often accompanied by details on production levels, capital expenditures, dividends and share repurchases. The company issues press releases in connection with its Form 8-K filings to summarize results for specific quarters and to outline guidance items and outlook information.
ConocoPhillips also uses news releases to highlight its LNG portfolio strategy and long-term sales and purchase agreements. Recent announcements include long-term LNG offtake arrangements from U.S. Gulf Coast projects such as Port Arthur LNG and Rio Grande LNG, as well as references to the use of its OCP CryoSep ae technology in LNG facilities. These items illustrate how the company is building a flexible LNG supply network to serve global markets.
Additional news topics include board and governance updates, such as the election of new directors and committee assignments, and regulatory matters like the companys application to cease to be a reporting issuer in Canada while continuing U.S. disclosure. Investors, analysts and other stakeholders can use this page to monitor ConocoPhillips communications about its operations, portfolio developments and strategic priorities over time.
ConocoPhillips (NYSE: COP) provided preliminary operational and financial updates for Q1 2021, expecting production volumes of 1,470 to 1,490 MBOED. Weather-related disruptions due to Winter Storm Uri impacted production by approximately 50 MBOED, though operations were fully restored by March.
The average realized prices are projected to be between $43 and $45 per BOE. Noteworthy financial impacts include transaction costs of $0.3 billion and losses from commodity hedging totaling $0.3 billion. Full financial results will be disclosed on May 4, 2021.
ConocoPhillips (NYSE: COP) has resumed its share repurchase program at an annualized rate of $1.5 billion, a 50% increase compared to previous levels. The program is set for consistent execution across 2021, reflecting a commitment to return over 30% of cash from operations to shareholders. CEO Ryan Lance noted that due to rising commodity prices, the dividend alone might not suffice to meet capital return commitments. The company maintains its $5.5 billion operating capital program without plans for increase. An update on guidance is expected by the end of March.
ConocoPhillips (NYSE: COP) announces the retirement of Matt Fox, executive vice president and chief operating officer, effective May 1, 2021. Fox, who spent 35 years with the company, significantly contributed to its transformation as an independent exploration and production firm, especially after the spinoff of its downstream operations in 2012. His leadership in operations and strategic functions, including the recent acquisition of Concho Resources, has been vital for ConocoPhillips. The company acknowledges his valuable contributions and wishes him well in retirement.
ConocoPhillips (COP) reported a fourth-quarter 2020 loss of $0.8 billion ($0.72 per share), down from a profit of $0.7 billion a year prior. Excluding special items, adjusted earnings were a loss of $0.2 billion ($0.19 per share). Full-year losses totaled $2.7 billion ($2.51 per share), compared to $7.2 billion in earnings in 2019. Despite challenges, the company highlighted its focus on free cash flow and a commitment to environmental, social, and governance (ESG) standards. A quarterly dividend of 43 cents per share was declared, payable March 1, 2021.
ConocoPhillips has successfully completed its acquisition of Concho Resources, following approval from shareholders of both firms. Chairman Ryan Lance emphasized the significant benefits of this merger, aiming to combine strengths for better industry performance. Each Concho share converts into 1.46 shares of ConocoPhillips. The company anticipates delivering affordable energy, superior returns, and strong ESG leadership. Lance welcomed Tim Leach to the board, highlighting the integration efforts underway for enhanced operational efficiency.
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.