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Stock Market & Financial Investment News

News Breaks
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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September 17, 2014
05:38 EDTCOPWestern Refining to acquire Wingate Plant, assets from ConocoPhillips
Western Refining (WNR) announced that it has entered into an agreement for the acquisition of the 25,000 bpd idled Wingate Fractionation Plant in Gallup, New Mexico from ConocoPhillips (COP). The Wingate facility includes rail loading and offloading capabilities and storage facilities in addition to natural gas liquids fractionation capability. The transaction is expected to close in early October. Terms of the transaction were not disclosed. Jeff Stevens, Western's president and CEO said, "The strategic location of the Wingate facility is a great addition to the logistical assets of Western. It is conveniently located near our Gallup Refinery. This transaction will afford Western greater flexibility in the Four Corners region as it will provide approximately 125,000 barrels of pipeline-connected seasonal NGL storage for our Gallup Refinery; crude oil loading and transportation capabilities, both east and west, through the rail loading terminal; and pipeline connectivity to Western Refining Logistics (WNRL) assets."
September 16, 2014
10:47 EDTCOPBadri sees OPEC lowering oil output target at next meeting, Reuters says
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September 15, 2014
20:02 EDTCOPConocoPhillips auctioning 24% stake in the Clair oilfield, FT reports
ConocoPhillips (COP) has hired banks to sell its 24% stake in UK's largest oilfield, The Financial Times reports, citing people familiar with the matter. The 24% stake could be valued between $2B-$3B, the people added. The Clair oilfield sits in Scottish territorial waters, and Conoco's interest in exiting the project is a sign of the challenges facing the North Sea oil industry, The Financial Times added. BP (BP) operates the Clair oilfield and owns a 28.6% stake, Royal Dutch Shell (RDS.A) controls a 28.6% stake, and Chevron (CVX) controls a 19% stake. Reference Link
September 10, 2014
08:22 EDTCOPBofA/Merrill oil and gas analysts hold an analyst/industry conference call
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September 9, 2014
10:10 EDTCOPOn the Fly: Analyst Upgrade Summary
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07:40 EDTCOPConocoPhillips upgraded to Neutral from Underperform at BofA/Merrill
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