Western Gulf lease sale draws $110M in high bids, Conoco wins coveted block

ConocoPhillips (COP +0.7%) beat out BP (BP -0.1%) to win one of the most contested tracts of today's western Gulf of Mexico lease sale, entering the event's highest apparent bid of $16.7M for Alaminos Canyon block 431.

However, BP easily submitted the most bids (32) and was the apparent high bidder on 27, totaling $22.8M, while BHP was next with 14 bids comprising $21,8M; Chevron (NYSE:CVX) submitted just five bids but tallied the highest sum of high bids, totaling $25.8M.

Shell (RDS.A, RDS.B) made just one offer in the sale, for territory near its Perdido developments; its $1.75M bid was enough to win Alaminos Canyon block 905, edging out the only other competitor, Stone Energy (NYSE:SGY).

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Comments (5)
  • PalmDesertRat
    , contributor
    Comments (3839) | Send Message
    did BHP win any bids?
    20 Aug 2014, 03:22 PM Reply Like
  • King Rat
    , contributor
    Comments (1845) | Send Message
    I'd like to know, too, but it's too early to tell. Key quote buried in the article:


    "BOEM notes that each bid will go through a strict evaluation process within the agency to ensure the public receives fair market value before a lease is awarded."
    21 Aug 2014, 03:25 AM Reply Like
  • Esekla
    , contributor
    Comments (4757) | Send Message
    Conoco's management seems to be consistently outclassing the rest of the industry.
    21 Aug 2014, 01:24 AM Reply Like
  • SWBanks
    , contributor
    Comments (263) | Send Message
    COP and BP being the big winners here means I'M a big winner here! Long both and loving this news. Also long several offshore drillers. Hopefully all of these guys can make out well when bidding on Mexico's portion of the Gulf opens up. El Presidente de Mexico just signed legislation opening up the Mexican market to foreign companies.
    21 Aug 2014, 06:14 AM Reply Like
  • fhbecker
    , contributor
    Comments (303) | Send Message
    BOEM (Bureau of Ocean Energy Management - the government agency that holds the lease sale) web site with all the sale stats;


    21 Aug 2014, 08:20 AM Reply Like
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