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ConocoPhillips

5/26/2013, 3:37 AM ET

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Wednesday, May 22, 8:48 AM Kazakhstan will decide by July whether to exercise its option to buy ConocoPhillips' (COP) 8.4% stake in the huge Kashagan oil field, which has attracted interest from companies in China and India. The government has a right to buy the stake, which it could sell for ~$5B, as part of an international consortium developing the field, or to decide on a buyer. 1 Comment [Energy]
Tuesday, May 21, 5:54 PM As a second U.S. liquefied natural gas export project gets the green light, Credit Suisse is the latest to predict how much LNG the U.S. might send overseas: potentially 10B cu. ft./day by the end of the decade. Growing confidence that more export approvals are ahead has lifted U.S. natural gas calendar-strip prices for 2015, '16 and '17 by 3%, 4% and 5%, respectively, CS says. (earlier) 2 Comments [Energy]
Tuesday, May 21, 12:17 PM ConocoPhillips (COP +0.7%) is pulling back its plans to sell Canadian oil sands assets in Alberta after it exceeded its target for raising capital by divesting energy properties elsewhere in the world, The Globe and Mail reports. COP is the latest energy company to hold on to assets it planned to divest amid a disappointing environment for selling Canadian oil reserves. 2 Comments [Energy]
Tuesday, May 21, 10:43 AM Liquefied natural gas exports from the U.S. are looking more likely after the Freeport LNG terminal gained conditional approval, Goldman Sachs says, supporting its view that at least 6.8B cu. ft./day of liquefaction capacity will be built in the U.S. The market needs no more than 7.7B/day for the next decade, and Henry Hub prices need to stay at or below $5.10/MBtu to keep U.S. LNG competitive in Europe, Goldman says. 6 Comments [Energy, Global & FX]
Friday, May 17, 5:52 PM The permit approval for the Freeport gas export project opens up the dam for other pending applications, but the pace of coming decisions is still unknown, analysts say, adding that similar projects building from existing facilities are best placed to secure approval and financing. Meanwhile, Cheniere Energy (LNG) has reaffirmed its operating target date of late 2015 for the export terminal it is building at Sabine Pass, La. 19 Comments [Energy]
Friday, May 17, 1:05 PM The Obama administration approves ConocoPhillips-led (COP +0.3%) Freeport LNG as the second U.S. liquefaction project to gain federal approval to export chilled natural gas to countries without free trade agreements with the U.S. The decision is an important harbinger for the remaining 19 applications to export gas to non-FTA countries. 18 Comments [Energy]
Friday, May 17, 11:58 AM Major oil producers launch a joint program to beef up their Arctic oil spill response plan in a bid to convince the Arctic Council they are ready for large-scale development in the region. There are plenty of doubters, of course, and incidents such as BP 2010 Gulf of Mexico spill and Shell's recent problems north of Alaska with two drill ships don't help. 6 Comments [Energy]
Tuesday, May 14, 5:06 PM ConocoPhillips (COP) declares $0.66/share quarterly dividend, in line with previous. Forward yield 4.19%. For shareholders of record May 24. Payable June 3. Ex-div date May 22. (PR) 2 Comments [Dividends]
Tuesday, May 14, 12:09 PM This year will be an "inflection point" for ConocoPhillips (COP +1.2%), CEO Ryan Lance tells shareholders at the annual meeting, and COP's long-awaited production growth rebound will begin by Q4 of this year and into next year as $8.5B in asset sales puts cash on the balance sheet to fund development and grow its dividend. There's a "clear line of sight" to production of 1.9M boe/day by 2017, Lance says. 2 Comments [Energy]
Friday, May 10, 11:13 AM India's ONGC says it hopes to complete its $5.5B deal to buy a minority stake in an oil field in Kazakhstan from ConocoPhillips (COP -0.7%), and plans to raise $4B in foreign debt to help fund it. Delays in getting approvals from the Indian and Kazakhstan governments have raised doubts over the deal; the Kazakh government may decide to veto the sale in favor of a Chinese buyer. Comment! [Energy, Global & FX]
Thursday, May 9, 11:30 AM The shale bonanza has sparked a switch in the behavior of oil firms: Companies have been selling off assets overseas and pumping money back into the U.S. Conoco (COP) has been involved in six major foreign sales in the past year totaling $11B, and much of it is being redirected into North Dakota and Texas shale. Other firms redirecting overseas assets to the U.S.: HES, DVN, APA, MRO, MUR, NBL. 3 Comments [Energy]
Tuesday, May 7, 6:53 PM Enbridge (ENB) plans to spend ~$300M on infrastructure to handle expanded production from the Surmont oil sands project owned by ConocoPhillips (COP) and Total (TOT). ENB will construct two new 450K-barrel blend tanks and convert an existing tank from blend to diluent service, install manifolds to facilitate transfers to its Waupisoo Pipeline and upgrade associated equipment. 1 Comment [Energy]
Monday, April 29, 8:59 AM KazMunaiGas, Kazakhstan's no. 2 oil producer, says it plans to invest ~$10B in exploration during the next 10 years as it aims to nearly double its oil and gas reserves, but it will not buy out ConocoPhillips' (COP) 8.4% stake in the Kashagan field, the world's largest oil discovery in more than four decades. KazMunai holds a 16.8% stake in Kashagan, along with XOM, TOT, RDS.A and E. Comment! [Energy, Global & FX]
Friday, April 26, 2:44 PM The number of natural gas drilling rigs working in the U.S. may have topped out for now, falling by 13 in the latest week to 366, while oil rigs rose by 10, according to Baker Hughes' weekly rig count. Conoco (COP), for one, has no plans to start redirecting any capital toward gas assets until it’s "significantly north of current prices,” an exec said in yesterday's conference call. 4 Comments [Energy]
Thursday, April 25, 3:53 PM ConocoPhillips (COP +0.3%) offers no timeline for its Arctic drilling program during its earnings call, and CFO Jeff Sheets says it needs more time to understand the regulatory framework before drilling in the Chukchi Sea. Sheets says 2015 drilling might be possible but not a sure thing. COP also says there is no timetable on sales of Canadian oil sands assets. Comment! [Energy]
Thursday, April 25, 10:43 AM Cobalt 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. 1 Comment [Energy, M&A, On the Move]

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