Alaska Promised Exemption from Oil and Gas Production Ban
During his visit to Alaska, U.S. Interior Secretary Doug Burgum promised to reverse a decision by the previous administration and “free up” 13 million acres of land—out of a total of 23 million acres—for oil and gas production. Joe Biden had previously designated these lands as “special zones.” Companies such …
Wood Mackenzie Forecasts Continued Growth in the Permian Basin in the United States
One of the world’s largest oil provinces—the leading shale basin in the United States—continues to ramp up production. According to Wood Mackenzie analysts, crude oil and condensate production in the basin is expected to increase by 200,000 barrels per day this year, reaching 6.6 million barrels per day, despite operators …
ConocoPhillips: If Oil Prices Fall to $50 per Barrel, the United States Will Reduce Production
Oil production from low-permeability reservoirs will cease to grow by the 2030s unless an innovative method for developing such formations is invented, according to Ryan Lance, Chief Executive Officer of ConocoPhillips. According to Lance, if the price of oil remains in a comfortable range—between 65 and 75 U.S. dollars per …
US Trade Regulator Slows Down ConocoPhillips’ Takeover of Competitor Marathon
ConocoPhillips said it has received a second request from the US Federal Trade Commission (FTC) for information about its proposed acquisition of rival Marathon Oil. Both companies received requests on July 11 and are working with the FTC to review the merger. In May, Conoco said it would pay $22.5 …
Conoco to Buy Marathon Oil at $22.5 Billion Enterprise Value Including Debt
American oil company ConocoPhillips has agreed to buy Marathon Oil at an enterprise value (EV) of $22.5 billion, the companies said in a press release. The EV includes net debt of $5.4 billion. The settlement will be made exclusively in shares. Marathon shareholders will receive 0.255 Conoco shares for each …
Biden Will Not Give New Hydrocarbon Areas in Alaska
In the national park in Alaska, it will no longer be allowed to extract oil and gas, as well as metals, but this does not apply to the scandalous ConocoPhillips project. The US President issued a decree according to which the lease of new hydrocarbon areas in the Arctic National …
American Shale Producers Continue to Absorb Each Other
According to Reuters, ConocoPhillips would like to buy CrownRock for $10-15 billion But ConocoPhillips is not the first contender for the hand of this shale company. Diamondback Energy, Devon Energy, Marathon Oil and Continental Resources also wanted to compete for her favor, but were unable to reach an agreement. However, …
Biden’s Alaska Plan Threatens New Wells
The Biden administration is pursuing initiatives that could make it impossible to extract oil under new leases in the 23 million-acre area. Alaska’s congressional delegation said the Biden administration “abruptly decided to revise the law so that it could treat the 13.1 million acres of the refuge as de facto federal lands.” …
ConocoPhillips Received Permission to Bring Into Production the Tommeliten A Field
ConocoPhillips and its partners have received permission from Norwegian authorities to bring into production the Tommeliten A gas condensate field (GCF) in the North Sea. This was reported by the press service of the Norwegian Petroleum Directorate (NPD) on October 5, 2023. Tommeliten A deposit opened in 1977; located in …
ConocoPhillips Reports Third-Quarter 2022 Results; Announces 11% Increase to Quarterly Ordinary Dividend, Declares Variable Return of Cash Distribution and Increases Existing Share Repurchase Authorization by $20 Billion
ConocoPhillips (NYSE: COP) today reported third-quarter 2022 earnings of $4.5 billion, or $3.55 per share, compared with third-quarter 2021 earnings of $2.4 billion, or $1.78 per share. Excluding special items, third-quarter 2022 adjusted earnings were $4.6 billion, or $3.60 per share, compared with third-quarter 2021 adjusted earnings of $2.4 billion, …