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Stock Market & Financial Investment News

News Breaks
December 18, 2012
08:32 EDTCOPConocoPhillips to sell Algerian business for $1.75B
ConocoPhillips announced it has entered into an agreement to sell its Algerian business unit for a total of $1.75B plus customary adjustments. The proposed sale is subject to co-venturer preemption rights and Algerian government approval. ConocoPhillips has entered into an agreement with Pertamina to sell its wholly-owned subsidiary, ConocoPhillips Algeria Ltd., which holds interests in three major onshore oil fields located either fully or partially in Block 405a, Menzel Lejmat North, Ourhoud and EMK. ConocoPhillips' 2012 net production from these fields averaged 11 thousand barrels of oil equivalent per day through October, and at Oct. 31, 2012, the net carrying value of ConocoPhillips' Algerian assets was approximately $850M. The transaction is anticipated to close by mid-2013. Through Sept. 30, 2012, the company's 2012-13 asset disposition program has yielded proceeds of $2.1B, Including this transaction, the company has announced additional asset sales that are expected to generate proceeds of approximately $7B when complete. Funds generated from these transactions are intended to be used for general corporate purposes.
News For COP From The Last 14 Days
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April 17, 2015
08:29 EDTCOPU.S. may be at, or near, peak oil output, WSJ says
New data and forecasts suggest lower crude prices are finally prompting U.S. energy companies to cut back their crude output, according to The Wall Street Journal, citing reports from OPEC, the DOE and North Dakota. Publicly traded oil majors include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Publicly traded drillers and oil services companies include Baker Hughes (BHI), Diamond Offshore (DO), Halliburton (HAL), Nabors Industries (NBR), Noble Corp. (NE), Rowan Companies (RDC), Schlumberger (SLB), Transocean (RIG) and Weatherford (WFT). Reference Link
April 14, 2015
06:40 EDTCOPU.S. shale forecast, Yemen fighting lift oil prices, Reuters says
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April 13, 2015
11:16 EDTCOPConocoPhillips looks to sell noncore U.S. acreage, Reuters says
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April 12, 2015
16:49 EDTCOPIEA says Iran nuke deal to have limited impact on supply for years, Reuters says
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April 8, 2015
10:51 EDTCOPConocoPhillips says expects to reduce operating costs by $1B by year-end 2016
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09:22 EDTCOPConocoPhillips expects to improve 2014-2017 flat price ROCE by 1.5%
Cites higher high-margin liquid and LNG growth and sustained cost reductions. Expects to maintain "A" rating.
09:19 EDTCOPConocoPhillips expects to realize operating cost reductions of $500M in 2015
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09:18 EDTCOPConocoPhillips expects 170 Mboed growth from 2014-2017
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09:14 EDTCOPConocoPhillips cites uncertain price outlook, to reduce cost structure by $1B
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April 7, 2015
06:43 EDTCOPOil retreats on reports of Iran, China talks, Reuters says
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April 6, 2015
06:41 EDTCOPOil up after Saudi Arabia increases prices for Asia, Reuters says
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April 5, 2015
18:12 EDTCOPOil falls after tentative nuclear deal for Iran, Reuters says
After a preliminary pact between Iran and world powers on Tehran's nuclear program the price of Brent oil fell nearly 4% on Thursday, says Reuters. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link

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