Richard Zeits • 16 Comments
Sep. 22, 2015, 3:38 PM
- ConocoPhillips (COP -0.1%) is near a deal to sell several western Canadian assets to various buyers including Canadian Natural Resources (CNQ -1.9%), Bloomberg reports.
- The group of assets could be valued at $1B or more, according to the report, and an agreement could be reached as soon as this week.
- Production from the properties, located in Alberta, British Columbia and Saskatchewan, is said to represent ~20% of COP’s Canadian volumes outside of oil sands.
Apr. 13, 2015, 11:56 AM
- ConocoPhillips (COP +0.4%) is "preparing the sale of noncore oil and gas producing acreage in the United States," Reuters reports. Wells Fargo has been hired to find buyers for the assets, which are said to include "oil and gas properties in the Rockies, East Texas, South Texas and Northern Louisiana."
- The exact value of the assets is unknown, though "industry sources" talking with Reuters expect Conoco to sell $1B-$2.5B worth of them.
- Reuters declares the sale effort to be another sign that oil majors are resigning themselves to lower oil prices. Last month, Conoco hired the Bank of Nova Scotia to help sell Canadian assets.
Oct. 29, 2013, 2:34 PM
- More takeover talk lifts shares of Pioneer Natural Resources (PXD +3.2%), as a Bloomberg profile says the energy explorer with more than 7,000 wells in the Permain Basin is the hottest oil play in the U.S., seconding a notion from John Paulson.
- PXD's proven reserves and production in low-risk, predictable areas mean suitors would have to offer at least a 30% premium, or ~$275/share, analysts say.
- ConocoPhillips (COP), Chevron (CVX) and Shell (RDS.A, RDS.B) may be looking to expand their Permian acreage, and buying PXD would accomplish that while giving them more expertise in unconventional drilling techniques; only such a large, integrated company can afford the large amount of capital needed to fully develop the resource.
Aug. 8, 2013, 8:12 AM
- ConocoPhillips (COP) agrees to sell its 100% interest in the 226K-acre Clyden oil sands leasehold to Imperial Oil (IMO) and ExxonMobil (XOM) for ~$720M.
- Clyden is located near the southern edge of the Athabasca oil sands and south of Fort McMurray, Alberta.
- COP expects to record a ~$450M after-tax gain, which will be recognized upon closing anticipated later in Q3.
- Including this deal, COP has announced expected proceeds of ~$13.5B from the sale of non-strategic assets as part of its 2012-13 asset disposition program.
Apr. 25, 2013, 10:43 AMCobalt Energy (CIE +1.8%), which has doubled in value since going public in 2009 but still trades at a substantial discount to the value of its underlying assets, is turning into a takeover target for energy companies attracted to its oil finds from Africa to the Gulf of Mexico, Bloomberg writes. CIE’s assets are "a needle mover" for a large international player, Guggenheim says. | Apr. 25, 2013, 10:43 AM | 1 Comment
Apr. 14, 2013, 4:37 AMConocoPhillips' (COP) $1.79B sale of Nigerian assets to Oando Energy Resources (ONDOF.OB) could be in doubt after the latter warned that it faces a funding shortfall, saying that borrowing more money to pay for the deal could strain its finances. Notwithstanding, Oando hopes to raise the necessary money by issuing debt and by selling shares. | Apr. 14, 2013, 4:37 AM
Feb. 19, 2013, 6:33 PMM&A will take a back seat at ConocoPhillips (COP), CEO Ryan Lance says, stressing the energy company plans to focus more on organic growth than on its old practice of snapping up smaller companies. Much of the cash expected from nearly $12B in planned asset sales in various parts of the world will be redeployed into its North American assets, Lance says. | Feb. 19, 2013, 6:33 PM | 2 Comments
Jan. 15, 2013, 7:47 AM
ConocoPhillips (COP) sells its Cedar Creek Anticline properties to Denbury Resources (DNR) for $1.05B. Comprising about 86K acres in North Dakota/Montana (does not include any Bakken assets), net production averaged 13K barrels of oil equivalent/day in 2012. (PR)| Jan. 15, 2013, 7:47 AM | 3 Comments
Jan. 7, 2013, 11:08 AM
A new year brings dreams of lucrative M&A activity, and no more so than in Big Oil, where some see an appetite for the sort of megadeals last seen a decade ago. But not long ago, investors were demanding oil majors split their upstream and downstream activities; WSJ’s Liam Denning looks at how ConocoPhillips (COP) has handled that move, and finds a company vulnerable to falling energy prices.| Jan. 7, 2013, 11:08 AM | 2 Comments
Dec. 20, 2012, 5:19 PM
ConocoPhillips' (COP) asset disposition program continues, as it agrees to sell its Nigerian business unit to Oando Energy for $1.79B. COP's 2012 net production in Nigeria averaged 43K boe/day through October, and the net carrying value of the assets was ~$600M. COP has now announced total asset sales of ~$11B during 2012.| Dec. 20, 2012, 5:19 PM
Oct. 17, 2012, 5:18 PMWith Third Point successfully convincing Murphy Oil (MUR) to spin off its U.S. retail business, Deutsche Bank analyst Paul Sankey thinks Occidental Petroleum (OXY) and Hess (HES) likely will be next, since "in both cases, investors have major questions over strategy and execution, and both are trading below NAV.” ConocoPhillips (COP) is viewed as a sleeper pick. (also) | Oct. 17, 2012, 5:18 PM
Oct. 16, 2012, 2:14 PM
Hess (HES +3.8%) shares are strong on Murphy Oil's (MUR +8.8%) move to spin off its U.S. fuel-making business into a new company. Conoco used a similar strategy earlier this year when it spun off its fuels, petrochemicals and pipeline businesses into Phillips 66. HES operates in two segments - exploration and production, and marketing and refining - making it a potential candidate for a spinoff.| Oct. 16, 2012, 2:14 PM
Aug. 21, 2012, 3:57 AM
ConocoPhillips (COP) and Origin Energy (OGFGF.PK) are looking to sell a $3B 15% stake in their $20B LNG project in Queensland in Australia. Origin said in July that it intends to reduce its holding to 30% from 37.5%, with Bloomberg reporting that ConocoPhillips is now set to do the same. Meanwhile, Sinopec (SNP) is paying $2.1B to raise its stake to 25% from 15%.| Aug. 21, 2012, 3:57 AM | 1 Comment
Jun. 5, 2012, 2:33 AMIndia's state-run ONGC is reportedly considering bidding for part of ConocoPhillips' (COP) Canadian oil sands holdings worth ~$5B. Conoco has been looking to sell several assets as part of its global restructuring. First round bids, which are due soon, are likely to attract interest from other international parties as well. | Jun. 5, 2012, 2:33 AM
May 31, 2012, 2:08 PM
Shares of Endeavour (END +72%) skyrocket after the oil and gas company says it completed the acquisition of the additional 23.43% working interest in the Alba field in the North Sea from ConocoPhillips (COP). As a result, net proceeds from the 2018 notes offering have been released from escrow.| May 31, 2012, 2:08 PM | 1 Comment
Apr. 16, 2012, 3:57 PMDelta (DAL) could be getting into the refining business as early as this week, according to a source, who says a deal for the airline's $100-125M purchase of Conoco's (COP) shuttered Philadelphia-area refinery may be imminent. Delta remains hopeful the buy can help it save a portion of the billions it spends on jet fuel each year. | Apr. 16, 2012, 3:57 PM | 18 Comments