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) 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.
ConocoPhillips (COP) and Concho Resources (CXO) announced a definitive all-stock agreement to merge, with a fixed exchange ratio of 1.46 shares of COP for each share of CXO, marking a 15% premium. This merger combines two industry leaders, creating a company with an enterprise value of approximately $60 billion and a resource base of 23 billion barrels of oil equivalent. The transaction is expected to yield $500 million in annual savings by 2022. The merger aims for sustainable performance, improved capital discipline, and a commitment to environmental excellence.
ConocoPhillips (NYSE: COP) has announced a rise in its quarterly dividend from 42 cents to 43 cents per share, payable on December 1, 2020 to stockholders on record as of October 19, 2020. With $63 billion in total assets and an average production of 1,130 MBOED in the first half of 2020, the company operates across 16 countries, highlighting its significant global presence.
ConocoPhillips (NYSE: COP) announced a $1 billion share repurchase plan for Q4 2020, funded by available cash. The company expects third-quarter production volumes of 1,050 to 1,070 MBOED, reflecting a net curtailment of 90 MBOED due to planned seasonal turnarounds. The average realized prices for the quarter are estimated at $30 to $32 per BOE. Adjusted operating costs are projected between $1,180 and $1,250 million, with DD&A costs estimated at $1,380 to $1,450 million.