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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.
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April 11, 2014
12:42 EDTCOPOn The Fly: Analyst Upgrade Summary
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07:49 EDTCOPConocoPhillips upgraded at Morgan Stanley
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07:17 EDTCOPConocoPhillips upgraded to Equal Weight from Underweight at Morgan Stanley
April 10, 2014
11:39 EDTCOPConocoPhillips says plans to deliver double digit returns annually
ConocoPhillips reaffirmed its objective to deliver double-digit returns annually to shareholders at its Analyst Meeting held at the New York Stock Exchange. Members of the company’s executive leadership team outlined ConocoPhillips’ goal to consistently deliver 3%-5% compound annual growth in production and margins, with a compelling dividend, from a diversified, high-quality portfolio. In addition to updating analysts on the company’s investment programs and strong financial performance, ConocoPhillips highlighted its substantial U.S. unconventional position and announced an increase of its estimated resource base in the prolific Eagle Ford play. Based on its prime acreage position and technical knowledge, the company has increased its estimates from 1.8 billion to 2.5 billion barrels of oil in place. Production is also expected to increase from current volumes to more than 250 thousand barrels of oil equivalent a day by 2017. The company also affirmed its five strategic priorities to drive long-term performance: Deliver 3%-5% compound annual production growth; Generate 3%-5% compound annual margin growth over the next several years; Offer a compelling dividend; Focus on improving financial returns; Maintain a relentless focus on safety and execution. Over the next several years, ConocoPhillips plans to execute a disciplined capital program of approximately $16B per year and achieve the company’s organic reserve replacement target of more than 100%.

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