ConocoPhillips Third Consecutive Quarter of Record Production, Raises Dividend

Houston based ConocoPhillips reported better than expected third quarter earnings before the market opened Thursday. For the quarter net income fell to $2.8B, or $2.32/share, from $4.5B, or $3.55/share, in the year-earlier quarter reflecting lower oil and gas prices. COP did not provide a revenue result. The company announced a 14% increase in dividends to 58 cents a share. ConocoPhillips announced a third consecutive quarter of record production with Q3 total production rising 3% Y/Y to 1.81M boe/day in line … Continue reading “ConocoPhillips Third Consecutive Quarter of Record Production, Raises Dividend”

ConocoPhillips Earnings Lower with Softer Energy Prices, Raises Production Guidance

Houston based ConocoPhillips reported lower than expected second quarter earnings before the market opened Thursday dented by softer oil and gas prices. At the same time COP slightly raised its full-year output expectations. Production rose 6% to 1.81mboepd, at the higher end of the company’s prior guidance, with record output in the U.S. Lower 48 states. EPS more than halved to $1.84 per share as the average price for its oil and gas fell 39% to $54.50 per barrel of … Continue reading “ConocoPhillips Earnings Lower with Softer Energy Prices, Raises Production Guidance”

Sempra Energy Finalizes ConocoPhillips JV and Launches Port Arthur LNG Project

Sempra Energy reported today the launch of LNG project at Port Arthur Texas. The project is 70%-owned by SRE’s subsidiary, Sempra Infrastructure Partners, LP (Sempra Infrastructure). The company reached a positive final investment decision (FID) for the development, construction and operation of the Port Arthur LNG Phase 1 project in Jefferson County, Texas. ConocoPhillips in a joint venture with Sempra through an affiliate of COP acquired the other 30%, as a non-controlling interest in the project, Highlights Sempra Infrastructure closed … Continue reading “Sempra Energy Finalizes ConocoPhillips JV and Launches Port Arthur LNG Project”

ConocoPhillips Earnings Surge with LNG and Record Lower 48 Production, Raises Dividend

Houston based ConocoPhillips reported better than expected third quarter earnings before the market opened Thursday on higher production. Q3 net income nearly doubled to $4.5B, or $3.55/share, from $2.4B, or $1.78/share, in the year-earlier quarter; COP did not report revenue for the quarter. Q3 production jumped 13.5% to 1.75M boe/day from 1.54M boe/day in the same period last year. The company also increased its quarterly dividend by 11% to $0.51/share and raised its existing stock buyback authorization by $20B. Houston … Continue reading “ConocoPhillips Earnings Surge with LNG and Record Lower 48 Production, Raises Dividend”

Occidental Petroleum Earnings Show the Difference a Year Makes with Oil Prices Up 85%

Occidental Petroleum reported better than expected fourth quarter earnings on Thursday from a year-ago loss on higher-than-forecast U.S. production and crude prices. $OXY is the biggest Permian Basin producer. ExxonMobil, Chevron and Diamondback reported earlier. Beyond The Survival Mode In The Oil Patch Guidance on exploration and production spending is key since oil prices collapsed and natural gas prices have continued to soar. Now with the change in shift in US politics and the COVID affect with the recent Russian attack … Continue reading “Occidental Petroleum Earnings Show the Difference a Year Makes with Oil Prices Up 85%”

ConocoPhillips Buys Shell’s Delaware Basin Assets for $9.5 bln in Cash.

ConocoPhillips continues to expand in the Permian Basin by purchasing Shell Enterprises’ $RDS.A Delaware Basin assets for $9.5 bln in cash. $COP is the largest U.S. based independent exploration and production firm based on production volumes. On Jan. 15, 2021, ConocoPhillips closed the $13 bln acquisition of Concho.

ConocoPhillips Raises Production After Concho’s $13.3 billion Acquisition

ConocoPhillips reported better than expected fourth quarter earnings before the market opened Tuesday on higher production. Houston based $COP is the largest U.S. based independent exploration and production firm based on production volumes. On Jan. 15, 2021, ConocoPhillips closed the acquisition of Concho.

S&P Puts Big Oil Companies On Negative Ratings Watch

Rating agancy S&P on Tuesday puts the majority major oil companies on negative ratings watch or lowered their outlook. Many of the energy sector has massive debt exposure which has exposed them to the lockdown economic collapse. To add salt we are seeing aggressive energy transition by the developed world.

Occidental Petroleum Posts Loss of $8.35 Billion in Second Quarter on Slashed EnergyPrices

Occidental Petroleum reported for the second quarter on Monday a loss of $8.13 billion including impairment charges of $6.6 billion.  $OXY is the biggest Permian Basin producer is living on a knife edge. ExxonMobil , Chevron and Diamondback reported a much sounder position. Survival Mode In The Oil Patch Guidance on exploration and production spending is key since oil prices collapsed and natural gas prices have continued to fall, with U.S. drilling and production still at high levels despite the … Continue reading “Occidental Petroleum Posts Loss of $8.35 Billion in Second Quarter on Slashed EnergyPrices”

Occidental Petroleum in Survival Mode Reduces Capital, Operating and Overhead Costs Drastically

Occidental Petroleum reported a lower loss than expected Q1 loss Tuesday, However $OXY. as the biggest Permian Basin producer after the $38 billion Anadarko aquisition is living on a knife edge with the oil price collapse. ExxonMobil , Chevron and Diamondback reported a much sounder position.