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Tag Archives: ConocoPhillips

ConocoPhillips says to maintain capex for next 3 years

ConocoPhillips Chairman and CEO Lance rings the closing bell at the New York Stock Exchange

KUALA LUMPUR – ConocoPhillips expects to maintain capital expenditure for the next three years, after reducing it earlier this year due to the oil price drop, Chief Executive Ryan Lance told Reuters on Monday. The largest independent U.S. energy company, which cut its 2015 capital budget by $2 billion to $11.5 billion in January, “should hold (investment) flat for three ...

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2 gasoline companies ordered to pay $11.5M for violations

OAKLAND, Calif. — A California judge has ordered two gasoline companies to pay $11.5 million to settle accusations they failed to properly maintain underground storage tanks, threatening nearby water supplies. An Alameda County judge on Thursday approved the settlement with Phillips 66 and ConocoPhillips. Prosecutors say the Houston-based companies failed to comply with hazardous materials and hazardous waste laws at ...

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Occidental Petroleum elects Eugene Batchelder as chairman

NEW YORK — Oil and gas exploration and production company Occidental Petroleum said Friday it elected former ConocoPhillips executive Eugene Batchelder as its new chairman. The Houston-based company said former chairman Edward Djerejian, 76, retired from the board. He had been Occidental Petroleum Corp.’s chairman since 2013 and was a company director since 1996. Batchelder, 67, worked for Phillips Petroleum ...

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ConocoPhillips beats 1Q profit forecasts

HOUSTON — ConocoPhillips (COP) on Thursday reported first-quarter net income of $272 million. The Houston-based company said it had net income of 22 cents per share. Losses, adjusted for pretax gains, were 18 cents per share. The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 19 cents ...

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Top 5 Eagle Ford stories of the week

5. 1,400 Eagle Ford wells drilled, but uncompleted, IHS says Just because the market is down doesn’t mean companies operating in the Eagle Ford are giving up their leasing agreements or abandoning their assets. According to a new analysis from the IHS, almost 1,400 wells in the South Texas fields have been drilled but not completed (DUC). Find out why after ...

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1,400 Eagle Ford wells drilled, but uncompleted, IHS says

Just because the market is down doesn’t mean companies operating in the Eagle Ford are giving up their leasing agreements or abandoning their assets. According to a new analysis from the IHS, almost 1,400 wells in the South Texas fields have been drilled but not completed (DUC). Oil production businesses are trying their best to deal with a slumping market. ...

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ConocoPhillips trims employee workforce, adding to industry losses

News of more layoffs is trickling out of Alaska’s oil patch as companies try to weather the plunge in crude prices. ConocoPhillips Alaska said this week it will trim its 1,300-person workforce by “fewer than 25 employees.” The cuts come in addition to recent reports of reductions to ASRC Energy Services contractors working at ConocoPhillips’ Kuparuk field, as well as ...

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ConocoPhillips expects output to rise 13 pecent in next 3 years

ConocoPhillips expects production to climb 13 percent to touch 1.7 million barrels of oil equivalent per day (mmboed) in 2017. The company, whose forecast excludes output from Libya, produced 1.5 mmboed in 2014, a 4 percent rise from 2013. ConocoPhillips said on Tuesday it expects output to grow 2-3 percent in 2015. It did not specify a growth rate for ...

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What could save the boom? Energy leaders call for crude exports

With prices low and production high, businesses are pushing with new vigor in efforts to lift the ban America has over exporting crude petroleum. Most recently, ConocoPhillips Chairman and CEO Ryan Lance spoke at the U.S. Chamber of Commerce Tuesday on the matter. According to a news release from ConocoPhillips, Lance delivered his speech, “American Energy: Keeping the Momentum Going,” ...

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