Tuesday, November 5, 2024

Conoco Phillips News

Wall St. ends lower than expected as Meta and Microsoft highlight AI costs

The major U.S. indexes ended lower on Thursday, after Microsoft and Meta Platforms pointed out that artificial intelligence costs could impact their earnings. This dampened the enthusiasm for megacaps which have been driving this year's market rally. Microsoft and Meta Platforms…

ConocoPhillips beats Q3 profits on higher production and share buyback

ConocoPhillips surpassed Wall Street's estimates for the third quarter profit on Thursday, as the Texas oil and gas company reaped benefits from higher production. Its shares rose 2.6% to $105.5 at premarket trading. The volatility of commodity prices has been a major topic in recent months.

Origin Energy's APLNG revenues rise on higher gas prices and sales

Origin Energy, a company based in Australia, reported a sequential increase in revenue for its first quarter from its stakes in the Australia Pacific Liquefied Natural Gas (APLNG), backed by higher natural gas prices and strong sales. Origin, which aims to transition to greener energy sources…

Sources say ConocoPhillips is exploring the sale of Permian Shale assets worth more than $1 billion.

ConocoPhillips has been looking at selling some of its Permian basin shale assets worth more than $1billion, after two unsuccessful years of trying to sell the same assets. Houston-based oil producer, Texas, is preparing to complete its $22.5 billion acquisition of Marathon Oil before the end of the year.

The Globe and Mail reports that Canada is proposing to support the carbon-capture projects of oil-sands companies.

The Globe and Mail reported that Canada Growth Fund, the federal funding agency of Canada, has proposed to fund a multi-billion dollar carbon-capture project by Pathways Alliance. The Alliance represents Canada's largest oil sands producers. According to a report published on Sunday…

Citgo creditors attack Elliott bid in auction, seeking rival offers

Creditors of the company said that the key terms of an agreement proposed by a U.S. court with a hedge fund to control Venezuelan oil refiner Citgo Petroleum would lock in its low-ball offer. The reaction to Elliott Investment Management’s Amber Energy, a wholly owned company by Elliott Investment Management…

Citgo auction at risk as Venezuelan bondholders file parallel claims

Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation auction for more than…

Shares of US energy companies rise as Middle East crisis fuels supply concerns

The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement.

ConocoPhillips wins approval from a judge for the seizure of payments made to Venezuelan PDVSA

ConocoPhillips won approval from a Trinidad court on Friday to seize payments made by the Caribbean nation to Venezuela's oil company in connection with a proposed offshore project between the two countries. ConocoPhillips is trying to recover money for many years…

Rural towns in New Mexico's arid region are looking to treated oil wastewater for a drought solution.

Stephen Aldridge, a pilot of a four-seater helicopter, could see a dozen lagoons filled with toxic waste glistening in the distance between drill rigs. The mayor of Jal, a tiny town nestled in the middle of U.S. Oil Country near the Texas border, saw the scene…

Marathon Oil's profits miss estimates due to low natural gas prices

© JHVEPhoto / Adobe Stock

Marathon Oil, a U.S.-based oil and gas company, missed Wall Street's expectations for its second quarter profit on Wednesday due to a drop in the price of natural gas.Gas prices in the U.S. dropped due to mild weather that pushed up demand, and a surge of stored…

Exxon in Advanced Talks for $60B Acquisition of Pioneer - Sources

Credit:  FreezeFrames/AdobeStock

Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday. The acquisition would be Exxon's biggest since its $81 billion…

US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time

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Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U.S.

Oil Supply Crunch is Coming, ConocoPhillips CEO Says

ConocoPhillips CEO Ryan Lance - Credit: ConocoPhillips (Cropped)

ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead.Ryan Lance, head of the largest U.S.

ConocoPhillips Beefs Up Stake in Australia Pacific LNG

©APLNG

ConocoPhillips has completed the acquisition of an additional 10% stake in Australia Pacific LNG (APLNG) from Origin Energy for $1.645 billion. After customary closing adjustments, cash paid for the additional interest is approximately $1.4 billion (AU$2.0 billion).

Ship Emissions: MIT Takes the Lead Toward Net Zero

“Even if you’re not going to put hydrogen on ships, hydrogen may be involved in producing that synthetic fuel. We have a number of projects underway that are tackling the question of hydrogen, including a project we’re starting now looking at pathways towards gigaton scale, low carbon hydrogen production.”
Randall Field, Executive Director, MITEI Future Energy Systems Center Photo courtesy MIT/Randall Field

The MIT Energy Initiative (MITEI) launched a new research consortium—the Future Energy Systems Center—to address the climate crisis and the role energy systems can play in solving it. Randall Field, Executive Director, discusses current research and the challenges…

ConocoPhillips Swings to 3Q Profit

Credit: JHVEPhoto

ConocoPhillips reported a third-quarter profit on Tuesday, compared with a year-ago loss, thanks to a rebound in crude prices to pre-pandemic levels.Oil prices have climbed nearly 63% since the beginning of the year, driven by a rise in global demand and on supply bottlenecks…

Investors on Board as U.S. Oil Majors Dismiss Wind and Solar Projects

Credit: Mike Mareen/AdobeStock

Top U.S. oil firms are doubling down on drilling, deepening a divide with European rivals on the outlook for renewables, and winning support from big investors who do not expect the stateside companies to invest in wind and solar. Among a dozen U.S. fund managers…

Shell Exits Permian with $9.5B Sale to ConocoPhillips. Its U.S. Output Now Mostly Offshore

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Jiri Buller/Shell

Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy transition.For ConocoPhillips, it is the second sizable acquisition in a year in the heart of the U.S.

Exxon Suspended from Climate Advocacy Group It Helped Form

ExxonMobil Chief Executive Officer Darren Woods (Photo: ExxonMobil)

Exxon Mobil Corp was suspended from advocacy group Climate Leadership Council (CLC) that looks to make policies to address climate change, the CLC said on Friday.The move comes a little over a month after an Exxon lobbyist said the company supports a carbon tax…