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ConocoPhillips has completed the sale of its west-Australian business to Santos for $1.39 billion, a major boost to the company’s balance sheet during the economic downturn. The Houston oil major, which announced the sale in October, has received about $765 million in proceeds from the sale during the second quarter. The proceeds are expected to be used for “general corporate purposes,” the company said Wednesday.
ConocoPhillips has farmed out its northern Australian business to Santos Ltd in a $1.39 billion deal. The acquisition, which will boost Santos’ output by 25%, is second in the line of major acquisitions made by the Australian firm this year. While ConocoPhillips will let go of the Darwin LNG plant and gas fields off northern Australia, it will hold onto its stakes in the Australia Pacific LNG plant in Queensland.
ConocoPhillips has concluded the sale of two of its subsidiaries to Chrysaor E&P Limited in a $2.675 billion deal, apart from the interest and customary adjustments. The two ConocoPhillips subsidiaries indirectly owned the firm’s E&P assets in the UK, including roughly $1.8 billion in asset retirement obligations. The US oil major also declared about discontinuing exploration activities in the Central Louisiana Austin Chalk trend.
US oil major, ConocoPhillips registered lower-than-expected profits in the second quarter, stressed by lower crude prices. Adjusted earnings for Conoco dipped to $1.14 billion in the quarter that ended June 30, from $1.29 billion in 2018. IBES data from Refinitiv showed that Conoco’s capital expenditure reached $1.73 billion during the quarter, topping estimates of $1.53 billion.
Wintershall DEA and ConocoPhillips have signed a Sales and Purchase Agreement. Both the companies will together develop the Aguada Federal and Bandurria Norte blocks in the central Argentine. The term of the agreement includes that Wintershall Dea should continue as operator of the licenses. Also, Conoco will get 45% interest share in the Aguada Federal block as a part of the transaction.
US oil major, ConocoPhillips has inked an agreement with Caelus Natural Resources Alaska to buy 100% interest in the Nuna discovery, Alaska. Discovered in 2012, the Nuna prospect is located 5 mi southwest of Oooguruk field. The agreement signed by ConocoPhillips Alaska (COPA) includes the purchase of 11 tracts spanning across 21,000 acres. COPA will appraise the Nuna discovery in the upcoming years.
EPC giant, TechnipFMC has secured a contract from ConocoPhillips for the provision of the subsea production system for the Barossa project, offshore Australia. The scope of the contract includes the engineering, design and fabrication of wellheads, manifolds and control system, apart from the installation and commissioning assistance. ConocoPhillips operates the Barossa Caldita project where Santos and SK E&S are partners.
The energy major, ConocoPhillips has reported an increase in profits with net income surging to more than $1.8 billion. Its revenue increased to more than $10 billion in the first quarter of this fiscal year. Chief Executive Ryan Lance commented, "We continue to execute and deliver on a plan that’s resilient to lower prices while offering investors upside to higher prices.”
US-based oil major, ConocoPhillips has farmed out its UK oil and gas business to Chrysaor Holdings. In a $2.675 billion-deal, Chrysaor will gain ownership to three material assets including two new operated hubs in the UK Central North Sea, an interest in the Clair Field area in the West of Shetland, and Britannia and J‐Block. ConocoPhillips’ owned assets produced approx. 72,000 boepd last year.
Chrysaor Holdings Limited will acquire the business of ConocoPhillips in the UK. After this acquisition, Chrysaor will become the largest oil and gas producer in the UK North Sea with approximately 177,000 boepd production in 2018. The assets of ConocoPhillips includes over 280 MMboe proved and probable (2P) oil and gas reserves. CEO of Chrysaor said, "Acquiring ConocoPhillips UK accelerates our strategy and further strengthens our positions".
US oil major, ConocoPhillips yesterday announced a contribution of $1 million to the University of Houston’s College of Natural Sciences and Mathematics (NSM). ConocoPhillips’ aid aims at fulfilling the rising demand for data science education. The contribution will be used to fund new faculty positions in the computer science and mathematics departments in the University, including the fellowships for graduate students with strong data science skills.
Norwegian oil major, Equinor has announced oil discovery from the Visund A Platform in the Telesto exploration well in the North Sea. The newly discovered reserve is estimated to contain approximately 12-28 million barrels of recoverable oil. Equinor operates the production license 120, where Petoro, ConocoPhillips and Repsol are partners. The Visund A platform will now proceed with drilling development wells on the Visund field.
Rowan Companies plc’s jack-up rig, Rowan Norway has been awarded a contract by ConocoPhillips Skandinavia AS (COPSAS) in Norway. Rowan Norway is an N-Class ultra-harsh environment jack-up rig that will be deployed for an estimated duration of seven months. The contract award is subject to partner approval. According to the initial contract term, COPSAS has two options, an estimated duration of five months and nine months.
ConocoPhillips' CEO has stated that the company can see the shale production increasing by 25% next year. The world’s largest independent oil producer has pumped 313,000 bopd in the third quarter, three regions combined. He also said that production growth “slows down at $50 but I don’t think it stops at $50 and it certainly continues if prices get back to $60”.
US explorer, Conoco Phillips wants to sell its UK oil and gas fields and plans a bid for the assets by the end the year. The fields which are valued as much as $3 billion will be sold to Jim Ratcliffe’s Ineos Group. Even though the negotiations with Ineos will not include its London assets, the bidding will include the assets which are left of its holding in the Clair Field.
Oil supermajor, ConocoPhillips yesterday reported a fourfold spike in its Q3 earnings. Conoco registered US$1.9 billion in third-quarter earnings, jumping from US$400 million in earnings for the third quarter of 2017. Profits for the oil major jumped on the back of higher oil prices, helping the Houston-based firm to achieve greater realized prices across all commodities.
Supermajor, ConocoPhillips’ long-drawn legal battle with Venezuela has finally started to bore fruits. The US oil firm yesterday informed about receiving an initial payment of $345 million, which came in the form of “cash and commodities” from Venezuela’s PDVSA. ConocoPhillips crushed profit expectations for the third quarter, aided by PDVSA’s payment.
ConocoPhillips has decided to sell its 30% stakes in Greater Sunrise gas field to the government of East Timor. This deal, worth $350 million, gives them a working interest in an important development of Timur. ConocoPhillips' Executive VP said that the company differs with the government’s plan of development but at the same time understands the importance of the field to the nation.