WASHINGTON (AP) — A World Bank arbitration panel ruled on Friday that Venezuela must pay U.S. oil giant ConocoPhillips more than $8 billion as compensation for a decade-old expropriation dispute,...
ANCHORAGE, Alaska (AP) — A federal agency performed inadequate environmental review before approving petroleum exploration in a northern Alaska reserve, according to a lawsuit filed by a nearby...
ConocoPhillips: 4Q Earnings Snapshot
HOUSTON (AP) _ ConocoPhillips (COP) on Thursday reported fourth-quarter net income of $1.87 billion.
The Houston-based company said it had profit of $1.61 per share. Earnings, adjusted for non-recurring gains, came to $1.13 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.
The energy company posted revenue of $10.36 billion in the period.
Stocks slip but remain on track for another winning week
NEW YORK (AP) — Stocks slipped in Friday morning trading, as falling oil prices dragged down energy companies, but the S&P 500 remained on track to close out its third straight winning week following a brutal December.
KEEPING SCORE: The S&P 500 was down 14 points, or 0.6 percent, at 2,582, as of 10 a.m. Eastern time. The Dow Jones industrial average fell 155, or 0.6 percent, to 23,846, and the Nasdaq composite lost 44, or 0.6 percent, to 6,942.
ConocoPhillips: 3Q Earnings Snapshot
HOUSTON (AP) _ ConocoPhillips (COP) on Thursday reported third-quarter profit of $1.86 billion.
The Houston-based company said it had net income of $1.59 per share. Earnings, adjusted for non-recurring gains, were $1.36 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.
Alaska natural gas line project, ExxonMobil agree on terms
ANCHORAGE, Alaska (AP) — A second major oil company has agreed to key terms for the sale of Alaska North Slope natural gas to a state-sanctioned corporation that seeks to build a $34 billion liquefied natural gas project, including an 800-mile (1,287-kilometer) pipeline to move gas to an ocean port.
Major oil companies want King County climate case tossed
SEATTLE (AP) — Five major oil companies want a climate change lawsuit by King County thrown out.
The county sued BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell in May, saying they intentionally produce and market fossil fuels that they know will exacerbate global warming, damaging the county's interests. The county alleged claims that include trespass and nuisance.
Conoco says Venezuela will pay $2 billion arbitration award
CARACAS, Venezuela (AP) — U.S. oil giant ConocoPhillips says it has reached an agreement with Venezuela*s state-owned oil company to recover nearly $2 billion it was awarded as part of a decade-old expropriation dispute.
Monday's statement from Houston-based Conoco says that PDVSA has agreed to recognize the judgement by an international arbitration panel and will make the first $500 million payment within 90 days and the rest over a period of some four years.
ConocoPhillips: 2Q Earnings Snapshot
HOUSTON (AP) _ ConocoPhillips (COP) on Thursday reported second-quarter net income of $1.64 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had net income of $1.39. Earnings, adjusted for non-recurring gains, came to $1.09 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.
ANCHORAGE, Alaska (AP) — BP is planning to sell its stake in a large northern Alaska oil field to ConocoPhillips and increase its holdings in an offshore oil field near the United Kingdom.
WILLEMSTAD, Curacao (AP) — A lawyer for a subsidiary of Houston-based ConocoPhillips said a court in the Dutch Antilles has authorized it to seize $1.94 billion worth of assets held on Bonaire island by Venezuela's state oil company, PDVSA.
WILLEMSTAD, Curacao (AP) — A court on the Dutch island of Curacao has authorized the local subsidiary of U.S. oil giant ConocoPhillips to seize $636 million worth of assets held on the island by Venezuela's state oil company, PDVSA.
SEATTLE (AP) — A Washington county is suing five major oil companies after it says the companies deliberately looked to downplay and discredit scientific warnings about the risks of global warning.
JUNEAU, Alaska (AP) — The state-sanctioned Alaska Gasline Development Corp. says BP has committed to sell gas to a major liquefied natural gas project.
The gas line corporation says agreement has been reached with BP on terms including price and volume. Further details were not disclosed.
The corporation says the parties anticipate finalizing a long-term gas sales agreement this year.
CARACAS, Venezuela (AP) — ConocoPhillips said Wednesday that it won a $2 billion arbitration award against Venezuela's state oil company, compounding the financial woes of the socialist-run nation as it struggles to feed its population.
The award represents the equivalent of more than 20 percent of the cash-strapped government's foreign currency reserves.
The Houston-based company said in a statement that the ruling against PDVSA by an International Chamber of Commerce panel was final and binding.
NORMAN, Okla. (AP) — A longtime energy company executive and major donor has been named the next president of the University of Oklahoma.
The school's Board of Regents announced Monday that 65-year-old Jim Gallogly (GAL-uh-glee) will become the university's 14th president July 1.
He succeeds David Boren, who announced in September that he'd step down in June. Boren is a former U.S. senator and has been the university's president since 1994.
Andeavor completes acquisition of Kenai LNG facility.
KENAI, Alaska (AP) — Andeavor has completed its acquisition of the Kenai Liquefied Natural Gas facility.
Kenai radio station KSRM , quoting Kenai Peninsula Borough Mayor Charlie Pierce, reports ConocoPhillips sold the plant to the company formerly known as Tesoro for $10 million.
The companies had agreed to keep the sale price confidential.
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The Latest: Oil companies dispute climate lawsuit claims
NEW YORK (AP) — The Latest on New York City's actions on oil investments, and lawsuit against oil companies over climate change (all times local):
Some of the oil companies being sued by New York City over claims they contributed to global warming are disputing the allegation.
Mayor Bill de Blasio says the city will be seeking billions in the lawsuit to recoup money spent by the city for resiliency efforts related to climate change.
New Mexico oil and gas companies sign on to reduce emissions
ALBUQUERQUE, N.M. (AP) — Some of the biggest names in energy production in New Mexico have signed on to a national effort within the oil and gas industry to curb methane emissions as pressure mounts for states to enact more pollution laws.
The move comes as the U.S. Interior Department announced it would delay an Obama-era regulation aimed at restricting harmful methane emissions from production on federal lands.
TRENTON, N.J. (AP) — New Jersey officials say they reached a $39 million settlement with an energy company over ground water contamination.
Attorney General Christopher Porrino said Thursday that a U.S. District judge in New York approved the settlement with Houston-based ConocoPhillips.
Cenovus buying most of ConocoPhillips’s Canadian assets
CALGARY, Alberta (AP) — Cenovus Energy announced Wednesday it will pay $17.7 billion Canadian (US$ 13.2 billion) for most of ConocoPhillips' Canadian assets.
Houston-based ConocoPhillips is the latest company to reduce exposure to Canada's oil sands — the world's third-largest oil reserves.
Cenovus CEO Brian Ferguson called it a "transformational acquisition" for the Calgary-based company.
NEW YORK (AP) — The latest on developments in financial markets (All times local):
Banks and other financial companies led U.S. stocks sharply higher, pushing the Dow Jones industrial average above 21,000 points for the first time.
Wednesday's gain was the biggest for the blue-chip index so far this year.
Energy companies also rose. Bank of America rose 3.8 percent and ConocoPhillips rose 3.1 percent.
‘Megaload’ settlement bans new big truck loads on Idaho road
BOISE, Idaho (AP) — Environmental groups, the Nez Perce Tribe and the U.S. Forest Service said Friday that they have reached a settlement in a lawsuit over huge "megaload" shipments on a scenic northwestern Idaho highway by tractor trailers.
The shipments had been on hold since 2013 along a 100-mile stretch of U.S. Highway 12 between Lewiston, Idaho and the Montana border.
ConocoPhillips announces oil discovery
FAIRBANKS, Alaska (AP) — ConocoPhillips has announced an oil discovery where production could start as early as 2023.
The Fairbanks Daily News-Miner reports (http://bit.ly/2jFvxWc) the site in the Alaska National Petroleum Reserve could yield as much as 100,000 barrels of oil per day.
ConocoPhillips Alaska president Joe Marushack said the discovery could lead to thousands of construction jobs as well as revenue for federal, state and local governments.
TD Ameritrade clients were net buyers of stocks in December
OMAHA, Neb. (AP) — TD Ameritrade clients continued to be net buyers of equities in December as the market improved and investors tweaked their strategies after the election.
The online brokerage said Monday its Investor Movement Index declined slightly to 5.48 in December from November's 5.53 because some widely held stocks like Apple are considered less volatile than others.
Board for Alaska gas line project to miss another deadline
JUNEAU, Alaska (AP) — The state-sponsored corporation promoting development of Alaska's North Slope gas is still in negotiations to take over a major liquefied natural gas project and will miss its end-of-the-year deadline.
The Alaska Gasline Development Corporation has been working to gain control of the project since BP, ConocoPhillips and ExxonMobil decided to stop investing in it because of low oil and gas prices.
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- Business WireConocoPhillips Announces Agreement to Sell United Kingdom E&P SubsidiariesApril 18, 2019
- Business WireConocoPhillips Closes Sale of Its Interest in Greater Sunrise FieldsApril 16, 2019
Foundation pledges $75M to University of Texas research aims
AUSTIN, Texas (AP) — A foundation supported by a retired oil executive is pledging $50 million to the medical school at the University of Texas and another $25 million to the university's MD Anderson Cancer Center in Houston.
The Austin-based Mulva Family Foundation announced Wednesday that the contribution to UT's Dell Medical School in Austin will be used to establish a neuroscience clinic for research into Alzheimer's disease and other afflictions.
World’s biggest LNG supplier Qatar merges 2 gas producers
DUBAI, United Arab Emirates (AP) — Qatar is merging its two government-controlled liquefied natural gas companies, streamlining distribution of the fuel as the OPEC nation grapples with a slump in energy prices.
The Gulf country is the world's largest producer of LNG, which is natural gas chilled to liquid form for shipment on tanker ships.
Energy Corridor District director: Shell Oil and ConocoPhillips moves will alter area
In the coming months, roughly 3,400 Shell Oil Co. employees will be moving from the oil giant's downtown headquarters into its Energy Corridor campus as Shell looks to eventually house all of its Houston-based employees on the west side.
The move is indicative of an energy industry downturn in Houston that has led oil companies to slash thousands of jobs and consolidate office space to meditate costs.
Shell will leave its One Shell Plaza headquarters, a 50-story skyscraper, after 45 years.
RI treasurer to ask energy companies to disclose lobbying
PROVIDENCE, R.I. (AP) — Rhode Island's treasurer is asking energy companies to disclose their lobbying activities.
Treasurer Seth Magaziner said Monday that the state's pension fund will join shareholders of ConocoPhillips, Exxon Mobil, Chevron and Devon Energy in co-filing a proposal to require the corporations to make those disclosures.
Magaziner says he's concerned investors' dollars are used to block policies to protect coastal areas, including Rhode Island, from the threat of climate change.
ConocoPhillips to sell Kenai liquefied natural gas plant
KENAI, Alaska (AP) — ConocoPhillips is looking to sell its Cook Inlet natural gas plant.
The Houston-based energy company on Thursday announced that it is putting its Kenai LNG plant up for sale, Alaska's Energy Desk reported (http://bit.ly/2eNiCUp).
ConocoPhillips spokeswoman Amy Burnett said the company wants to focus on operations in the North Slope.
Alaska brightens ConocoPhillips’ dismal earnings report
JUNEAU, Alaska (AP) — Alaska is a bright spot in ConocoPhillips' third quarter earnings.
The region was alone in bringing in positive cash flow for a company with third-quarter losses totaling $1.04 billion worldwide, reported the Alaska Journal of Commerce (http://bit.ly/2eoy0lx ).
Chief Financial Officer Don Wallette Jr. told investors the company cut operating expenses and has taken other steps.
"Financially, we are very well positioned," he said.
ConocoPhillips, a leading independent oil exploration and production company, plans to add two drilling rigs to its Eagle Ford operations as it pivots investment away from deepwater projects toward onshore shale fields, company executives said Thursday.
Nikiski residents face uncertainty over Alaska gas project
JUNEAU, Alaska (AP) — Nikiski residents say they've been left in limbo by the state and its partners' decision to suspend plans for a giant natural gas liquefaction plant in the Kenai Peninsula community.
Several homes in the area were razed to make way for the project. The state's oil company partners — ExxonMobil, BP and ConocoPhillips — bought about 630 acres to build a plant where North Slope natural gas would be processed and exported.
ConocoPhillips signs deal for new extended reach drill rig
ANCHORAGE, Alaska (AP) — Doyon Drilling Inc. has signed a contract with ConocoPhillips Alaska to build an extended reach drilling rig that can be used on Alaska's North Slope.
The rig will be used first on a field northwest of the Alpine field.
ConocoPhillips says the rig will increase the area that can be drilled from one site from about 55 square miles to as much as 125 square miles.
ConocoPhillips reports 2Q loss
HOUSTON (AP) — ConocoPhillips (COP) on Thursday reported a loss of $1.07 billion in its second quarter.
On a per-share basis, the Houston-based company said it had a loss of 86 cents. Losses, adjusted for one-time gains and costs, came to 79 cents per share.
The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 62 cents per share.