ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) announced that they have entered into a definitive agreement to combine companies in an all-stock transaction.

Dr. Al Jaber also shared his perspective on the energy transition and outlined how ADNOC is preparing for the future energy landscape.

ADNOC plans a 30% cut in October term volumes for all of its crude grades

ADNOC launched this placement due to significant investor demand for ADNOC Distribution stock and has delivered the largest block placement of a publicly listed GCC company to date.

ADNOC maintains full ownership and control over its real estate assets, while further strengthening our balance sheet and allowing for greater capital flexibility.

ADNOC informed customers who lift contracted monthly volumes -- known as term lifters -- that it would cut the quantity of volumes available for export over October by 30% for its more popular Murban and Upper Zakum grades and for Umm Lulu and Das Blend,

The consortium will collectively acquire a 49% stake in ADNOC Gas Pipeline Assets LLC (ADNOC Gas Pipelines), a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982.3 kilometers, with ADNOC holding the 51% majority stake.

ADNOC has terminated $1.65 billion worth of contracts

UAE Minister of State and ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber has commented on recent market developments, noting that the UAE oil company is set to supply the market with over four million barrels of oil per day in April 2020.

ConocoPhillips (NYSE: COP) reported fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share, compared with fourth-quarter 2018 earnings of $1.9 billion, or $1.61 per share.