ConocoPhillips today reported second-quarter 2020 earnings of $0.3 billion, or $0.24 per share, compared with second-quarter 2019 earnings of $1.6 billion, or $1.40 per share. Excluding special items, second-quarter 2020 adjusted earnings were a loss of $1.0 billion, or per share, compared with second-quarter 2019 adjusted earnings of $1.1 billion, or $1.01 per share. Special items for the current quarter were primarily [...]
ConocoPhillips today announced it has signed a definitive agreement to acquire additional Montney acreage in Canada from Kelt Exploration Ltd. for cash consideration of approximately $375 million before customary adjustments, plus the assumption of approximately $30 million in financing obligations for associated partially owned infrastructure. This acquisition is 140,000 net acres in the liquids-rich Inga-Fireweed asset [...]
ConocoPhillips announced today a quarterly dividend of 42 cents per share, payable Sept. 1, 2020, to stockholders of record at the close of business on July 20, 2020. --- # # # --- About ConocoPhillips Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $65 billion of total assets, and approximately 10,400 employees as of March 31, 2020. Production excluding Libya averaged 1,278 [...]
ConocoPhillips today announced its estimated production curtailment impacts for the second quarter of 2020 and provided comments on future curtailments. For the second quarter of 2020, the company’s curtailments were primarily related to oil production and averaged approximately 225 thousand barrels of oil equivalent per day on a net basis. Of the total net curtailments, approximately 65 percent were in the Lower 48, 15 [...]
ConocoPhillips will host a conference call webcast on Thursday, July 30 at 12:00 p.m. Eastern time to discuss second-quarter 2020 financial and operating results. The company’s financial and operating results will be released before the market opens on July 30. To access the webcast, visit ConocoPhillips’ Investor Relations site, www.conocophillips.com/investor, and click on the "Register" link in the Investor [...]
ConocoPhillips today announced the completion of the sale of its subsidiaries that hold its Australia-West assets and operations to Santos. The total consideration for the sale is unchanged; however, in connection with the closing, ConocoPhillips and Santos agreed to restructure the payments such that $125 million of the originally announced $1.39 billion upfront cash payment would be allocated toward a payment due upon [...]
ConocoPhillips today announced the retirement of Don E. Wallette, Jr. as executive vice president and chief financial officer after a successful 39-year career with the company. Wallette’s retirement is effective on Aug. 31, 2020. In conjunction with Wallette’s retirement, the company also announced that William L. Bullock, Jr., currently president, Asia Pacific Middle East, will assume the role of executive vice [...]
ConocoPhillips today reported a first-quarter 2020 loss of $1.7 billion, or per share, compared with first-quarter 2019 earnings of $1.8 billion, or $1.60 per share. Excluding special items, first-quarter 2020 adjusted earnings were $0.5 billion, or $0.45 per share, compared with first-quarter 2019 adjusted earnings of $1.1 billion, or $1.00 per share. Special items for the current quarter were primarily driven by an [...]
ConocoPhillips announced today that it is taking further actions to respond to the oil market downturn. These follow initial actions announced on March 18. “In March we exercised $2.2 billion of flexibility via reductions in both our planned 2020 capital spending and share repurchases,” said Ryan Lance, chairman and chief executive officer. “At that time, we stated we would continue to monitor the market and exercise [...]
ConocoPhillips announced today that it is taking several actions in response to the recent oil market downturn. “Our industry is clearly experiencing an unprecedented event brought about by simultaneous supply and demand shocks,” said Ryan Lance, chairman and chief executive officer. “The actions we are now taking reflect an acknowledgement of current events as well as uncertainty around the timing and [...]
ConocoPhillips will host a conference call webcast on Thursday, April 30, 2020 at 12:00 p.m. Eastern time to discuss first-quarter 2020 financial and operating results. The company’s financial and operating results will be released before the market opens on April 30. To access the webcast, visit ConocoPhillips’ Investor Relations site, www.conocophillips.com/investor, and click on the "Register" link in the [...]
ConocoPhillips announced today the completion of two transactions to sell its Niobrara and Waddell Ranch assets to undisclosed buyers. The Niobrara assets are located in the southern Denver-Julesburg Basin. Full-year 2019 production associated with the Niobrara assets was 11 thousand barrels of oil equivalent per day . The effective date of the transaction is June 1, 2019. The Waddell Ranch conventional assets are located [...]
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