ConocoPhillips
 (COP)

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  • May 25, 2015, 12:11 AM
    • Cenovus Energy (NYSE:CVE) has shut down operations at the 135K bbl/day Foster Creek oil sands project and Canadian Natural Resources (NYSE:CNQ) closed its 80K bbl/day Primrose project after a forest fire broke out on the Cold Lake Air Weapons Range in Alberta.
    • CVE and ConocoPhillips (NYSE:COP) each own 50% of Foster Creek, with CVE's share of the production representing 31% of total company-wide average oil output of 218K bbl/day; Primrose's production represents less than 10% of CNQ's total corporate output.
    • More than 7% of Canada's oil sands production has been shut down by the fire, which started Friday and is considered "out of control."
    | May 25, 2015, 12:11 AM | 15 Comments
  • May 22, 2015, 10:17 AM
    • BofA Merrill Lynch has become more optimistic on the energy sector, on both a small and large cap basis, citing attractive valuations, a performance that has lagged behind the rebound in oil prices, and analysts beginning to revise earnings expectations higher.
    • Savita Subramanian and her analyst team remain biased toward the “big, old and ugly” energy stocks - the mega-cap leaders which have shown long-term staying power and that typically pay outstanding dividends.
    • Their four favorites: COP, XOM, HES, OXY
    | May 22, 2015, 10:17 AM | 34 Comments
  • May 21, 2015, 9:30 AM
    • Alongside Goldman's list of 50 stocks appearing most as top holdings at hedge funds is its list of the 50 top shorts.
    • New additions this quarter: Baxter Intl (NYSE:BAX), UPS, Marriott (NASDAQ:MAR), NextEra (NYSE:NEE), Ford (NYSE:F), National Oilwell Varco (NYSE:NOV), McDonald's (NYSE:MCD), M&T Bank (NYSE:MTB), CenturyLink (NYSE:CTL), Amgen (NASDAQ:AMGN), Pioneer Natural (NYSE:PXD), Duke Energy (NYSE:DUK), Seagate (NASDAQ:STX), AbbVie (NYSE:ABBV), Cisco (NASDAQ:CSCO).
    • The full list (in order of $ value of short interest): AT&T (NYSE:T), Disney (NYSE:DIS), IBM, Verizon (NYSE:VZ), Intel (NASDAQ:INTC), Kinder Morgan (NYSE:KMI), Exxon (NYSE:XOM), Pfizer (NYSE:PFE), J&J (NYSE:JNJ), Deere (NYSE:DE), Caterpillar (NYSE:CAT), Exelon (NYSE:EXC), GE, Boeing (NYSE:BA), Halliburton (NYSE:HAL), Fox (NASDAQ:FOXA), Comcast (NASDAQ:CMCSA), UTX, Regeneron (NASDAQ:REGN), Merck (NYSE:MRK), salesforce.com (NYSE:CRM), AbbVie (ABBV), Conoco (NYSE:COP), Wal-Mart (NYSE:WMT), Eli Lilly (NYSE:LLY), Celgene (NASDAQ:CELG), Schlumberger (NYSE:SLB), AutoZone (NYSE:AZO), Wells Fargo (NYSE:WFC), Emerson (NYSE:EMR), McDonald's (MCD), Reynolds (NYSE:RAI), Target (NYSE:TGT), Accenture (NYSE:ACN), Coca-Cola (NYSE:KO).
    | May 21, 2015, 9:30 AM | 76 Comments
  • May 20, 2015, 3:36 PM
    • ConocoPhillips (COP +0.6%) has sufficient financial flexibility to bridge its budget gap during the current industry downturn, and shares should hit $80 in the next 12-18 months, Oppenheimer's Fadel Gheit forecasts.
    • Oppy expects COP to generate operating cash flow of $9.67B this year and $13.29B next year, which would partially fund $11.5B capex and $3.6B in dividends, meaning COP will face free cash flow deficits of $5.5B in 2015 and $1.8B in 2016 before asset sales and acquisitions, which could be funded by additional borrowing.
    • Yesterday, Deutsche Bank called COP a strong combination of growth and capital returns, and considers the stock a Buy.
    | May 20, 2015, 3:36 PM | 30 Comments
  • May 19, 2015, 12:27 PM
    • The conventional wisdom is that Royal Dutch Shell's $70B buyout of BG Group will spark a wave of M&A activity as stronger companies seek to buy assets on the cheap amid low commodity prices, but Reuters columnist Clyde Russell argues the deal probably is not the shape of things to come in energy mergers.
    • Executives may be more cautious than 15 years or so when commodity prices last fell so sharply, eschewing mega-mergers in favor of smaller acquisitions and in-house projects to add shareholder value, Russell writes.
    • ConocoPhillips (NYSE:COP) Ryan Lance said yesterday that the rationale that drove the previous round of major deals does not apply now, as the rise of U.S. shale oil and gas production and the massive addition of reserves they provide has made acquisitions for the sake of adding to reserves less likely.
    • Both large and mid-size companies also have less need to fill in their portfolios with large deals, the CEO said, while the need to merge to drive cost reductions is less urgent after work that already has been done to cut costs.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
    | May 19, 2015, 12:27 PM | 2 Comments
  • May 19, 2015, 10:35 AM
    • The chairman of Libya’s National Oil Co. is reassuring Western energy firms that its company is operating without political interference, even as the country is divided between a Western-backed government and an Islamist militia that controls the capital Tripoli.
    • The chairman says said he has gathered officials from joint ventures with Marathon Oil (NYSE:MRO), ConocoPhillips (NYSE:COP), Hess (NYSE:HES), Eni (NYSE:E) and Total (NYSE:TOT) to tell them the National Oil Co. was free of political interference in Tripoli and that its revenues moved transparently through Libya’s banking system.
    • Libya currently produces 436K bbl/day of oil, less than a third of its normal output.
    | May 19, 2015, 10:35 AM | 4 Comments
  • May 18, 2015, 2:35 PM
    • More than $100B of spending on at least 26 major projects by the world’s energy companies has been slowed, postponed or canceled in the wake of plunging oil prices, including Royal Dutch Shell (RDS.A, RDS.B), BP, ConocoPhillips (NYSE:COP) and Statoil (NYSE:STO), according to a Financial Times analysis.
    • One of the biggest developments to be shelved, Shell’s Arrow liquefied natural gas plant in Australia, accounted for almost a quarter of the planned spending reduction.
    • Western Canada is suffering the most from the retrenchment, with nine Canadian oil sands projects pulled back, each ranging from $1B-$10B in planned expenditure, the analysis says.
    • According to Morgan Stanley, which looked at capex guidance for 2015 from more than 120 companies, investment is expected to drop by a quarter this year to $389B from $520B.
    | May 18, 2015, 2:35 PM | 12 Comments
  • May 18, 2015, 8:36 AM
    • ConocoPhillips (NYSE:COP) expects to maintain its capital expenditure for the next three years, after cutting its 2015 capital budget by $2B to $11.5B earlier this year to due lower oil prices, CEO Ryan Lance says.
    • COP, which is focusing on the Eagle Ford shale in Texas and North Dakota's Bakken shale, has said it would also spend less on major projects, many of which are nearing completion, and is preparing to sell non-core U.S. oil and gas producing acreage.
    • Lance also joins peers including Harold Hamm and John Hess in calling on the U.S. government to lift the ban on crude exports, saying COP “could be a stable supplier of crude to the global markets... If you want to reduce the cost of gasoline to U.S. consumers, put oil into the market to stabilize the global price."
    | May 18, 2015, 8:36 AM | 9 Comments
  • May 14, 2015, 2:41 PM
    • Citi held its 2015 Global Energy Conference this week, and its analyst team highlighted five Buy-rated stocks it likes in the current environment.
    • The analysts indicated that 40% of the industry’s current and future investment plans would be “sub-economic” with Brent oil prices below $75/bbl, thus "self-help needs to be a centrepiece of a new reality... [and the] most aggressive self-help stories" appear to be Total (NYSE:TOT) and ConocoPhillips (NYSE:COP).
    • Among U.S. refiners, "the structural advantage driven by shale growth remains an underlying theme," and the companies that appeared most focused on returning capital back to shareholders are Valero Energy (NYSE:VLO), Marathon Petroleum (NYSE:MPC) and Phillips 66 (NYSE:PSX).
    • Citi's respective target prices for TOT, COP, VLO, MPC and PSX are $52, $80, $67, $119 and $88.
    | May 14, 2015, 2:41 PM | 23 Comments
  • May 13, 2015, 6:19 PM
    • North Dakota recorded a surprising jump in oil and natural gas production in March, as producers successfully wring efficiencies out of existing operations in an attempt to maintain production even at depressed prices.
    • The state's oil producers pumped nearly 1.2M bbl/day in March, up ~15K from February, while natural gas output rose 14% to 47.2M cf, according to the Department of Mineral Resources.
    • The agency says 189 North Dakota wells were completed in March at locations owned by Exxon Mobil (NYSE:XOM), Hess (NYSE:HES), Continental Resources (NYSE:CLR) and ConocoPhillips (NYSE:COP), as "these four appear to be more in tune with having normal cash flow, and continue to complete their wells in a more aggressive manner."
    • But in a sign of divergent strategies in the state, EOG Resources (NYSE:EOG) and Marathon Oil (NYSE:MRO) continue to delay fracking.
    • Other top Bakken producers include WLL, OAS, NOG and EOX
    | May 13, 2015, 6:19 PM | 80 Comments
  • May 12, 2015, 6:39 PM
    • ConocoPhillips (NYSE:COP) CEO Ryan Lance says the Obama administration’s decision to allow Royal Dutch Shell’s Arctic drilling program to move forward still has not resolved all the clarifications the company is seeking in its own Arctic projects.
    • Many of the regulations remain subject to interpretation, the CEO says, noting that COP's plan for exploration in the Chukchi Sea "is different than what other companies are doing, so we need to make sure it fits the performance-based criteria they put in the regulation, and that’s still bit unknown.”
    • COP paid more than $500M for 98 exploration leases off Alaska’s north coast in 2008, but in 2013 suspended plans to drill an exploratory well there, citing uncertainty in regulations.
    | May 12, 2015, 6:39 PM | 3 Comments
  • May 12, 2015, 4:56 PM
    • ConocoPhillips (NYSE:COP) declares $0.73/share quarterly dividend, in line with previous.
    • Forward yield 4.46%
    • Payable June 1; for shareholders of record May 22; ex-div May 20.
    | May 12, 2015, 4:56 PM | 6 Comments
  • May 12, 2015, 4:40 PM
    • ConocoPhillips (NYSE:COP) shareholders today voted in favor of a non-binding resolution allowing minority shareholders to nominate directors to its board.
    • Slightly more than 50% of shareholders supported the proposal allowing investors who own 3% of COP shares for three consecutive years the ability to nominate directors; COP had recommended a vote against the proposal, saying it was unnecessary.
    • Proxy access resolutions have received preliminary approvals at other oil and gas companies this year, including Occidental Petroleum and Marathon Oil.
    | May 12, 2015, 4:40 PM | 6 Comments
  • May 11, 2015, 4:59 PM
    • Oil production from seven major U.S. shale plays is expected to fall by 86K bbl/day in June, according to the latest report from the Energy Information Administration.
    • Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47K bbl/day, while production at the Bakken shale play, centered in North Dakota, is expected to drop by 31K bbl/day, the report says.
    • "The data shows that production in the Bakken and Eagle Ford [plays] peaked in March at 1.33M bbl/day and 1.73M bbl/day, respectively," says WTRG Economics energy economist James Williams.
    • Among the top Eagle Ford producers: EOG, BHP, COP, CHK, MRO, APC
    • Among the top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | May 11, 2015, 4:59 PM | 20 Comments
  • May 8, 2015, 10:40 AM
    • ConocoPhillips (COP +0.3%) and Phillips 66 (PSX +0.4%) agree to pay $11.5M to settle accusations in California that they failed to maintain properly underground gasoline storage tanks, the state's AG announced yesterday.
    • A 2013 complaint followed a statewide investigation that said the companies endangered nearby water supplies and violated California’s hazardous materials and waste laws when they failed to properly store gasoline at more than 560 gasoline stations in the state.
    • The companies have since sold most of its interests in the underground storage tank sites.
    | May 8, 2015, 10:40 AM | 1 Comment
  • Apr. 30, 2015, 9:58 AM
    • ConocoPhillips (COP +0.2%) inches higher at the open after Q1 results met expectations, although its adjusted $0.18/share net loss was a drastic fall from the $1.81 profit in the year-ago quarter.
    • COP says its biggest hurdle during the quarter was the low price of crude, as the company's averaged realized price of $36.96/boe was barely more than half the $71.21/boe in Q1 2014.
    • The weaker pricing was partially offset by a ~5% production increase to 1.61M boe/day, excluding its Libya operations, and COP says it is on track to meet its previously stated full-year target of 2%-3% production growth from continuing operations.
    • Production gains have come despite a sharp cutback on drilling: In Q1, COP says capital spending totaled $3.3B, roughly in line with its $11.5B FY 2015 which is ~30% lower than 2014.
    • Says Q1 operating costs totaled $2.1B, down from $2.3B in Q1 2014.
    | Apr. 30, 2015, 9:58 AM | 11 Comments
Company Description
ConocoPhillips is engaged in exploration, development and production of crude oil and natural gas.