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2019-04-22 08:15:00

CONOCO SELLS BRITAIN $2.67 BLN

CONOCO SELLS BRITAIN $2.67 BLN

PLATTS - Chrysaor has agreed to ConocoPhillips' UK upstream business for $2.67 billion in a deal set to make the private equity-backed upstream player one of the biggest oil and gas producers in the UK North Sea.

ConocoPhillips's gas-focused North Sea assets pumped 72,000 b/d of oil equivalent last year, and the acquisition will help boost Chrysaor's total production this year to over 185,000 boe/d, Chrysaor said in a statement.

ConocoPhillips, which in January dropped exclusive talks on the sale of its UK business to privately owned Ineos, operates two production hubs in the UK Central North Sea -- Britannia and J-Block. The gas-focused North Sea assets also include a stake in the West of Shetland Clair field.

Chrysaor, which has Washington DC-based EIG as its main shareholder, acquired one of the biggest legacy portfolios in the UK North Sea in 2017 when it bought a string of assets from Shell that included stakes in the Buzzard, Elgin-Franklin and Schiehallion hubs, and the Armada area, where it is the operator and has expansion plans. Since the $3-billion purchase of the Shell assets, Chrysaor has been looking to grow into a leading independent exploration and production companies in Europe.

"This significant acquisition reflects our continuing belief that the UK North Sea has material future potential for oil and gas production," CEO Phil Kirk said in a statement.

ConocoPhillips' UK assets contain over 280 million boe in proved and probable reserves, and the deal will take Chrysaor's pro forma 2P reserves total to over 600 million boe.

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Earlier:

VENEZUELA'S PAYMENT TO CONOCO $8.7 BLN
2019, March, 11, 11:15:00

VENEZUELA'S PAYMENT TO CONOCO $8.7 BLN

PLATTS - An international tribunal on Friday ordered Venezuela to pay ConocoPhillips roughly $8.7 billion in compensation for the seizure of company assets in 2007.

 
 CONOCO EARNINGS $5.3 BLN
2019, February, 1, 10:35:00

CONOCO EARNINGS $5.3 BLN

CONOCOPHILLIPS - Full-year 2018 earnings were $6.3 billion, or $5.32 per share, compared with a full-year 2017 net loss of $0.9 billion, or ($0.70) per share. Excluding special items, full-year 2018 adjusted earnings were $5.3 billion, or $4.54 per share, compared with full-year 2017 adjusted earnings of $0.7 billion, or $0.60 per share.

 
 CONOCO CAPEX BUDGET: $6.1 BLN
2018, December, 12, 08:30:00

CONOCO CAPEX BUDGET: $6.1 BLN

CONOCOPHILLIPS - ConocoPhillips (NYSE: COP) announced its 2019 capital expenditure budget and operating plan. The operating plan reflects the company’s ongoing commitment to free cash flow generation, differentiated payout to shareholders and superior financial returns through business cycles.

 
 CONOCO EARNINGS $1.9 BLN
2018, October, 26, 12:20:00

CONOCO EARNINGS $1.9 BLN

CONOCOPHILLIPS - ConocoPhillips (NYSE: COP) reported third-quarter 2018 earnings of $1.9 billion, or $1.59 per share, compared with third-quarter 2017 earnings of $0.4 billion, or $0.34 per share. Excluding special items, third-quarter 2018 adjusted earnings were $1.6 billion, or $1.36 per share, compared with third-quarter 2017 adjusted earnings of $0.2 billion, or $0.16 per share. Special items for the current quarter were primarily for amounts recognized from the PDVSA arbitration settlement, partially offset by unrealized losses on Cenovus Energy equity.

 
 CONOCOPHILLIPS - PDVSA: $2 BLN
2018, August, 22, 12:30:00

CONOCOPHILLIPS - PDVSA: $2 BLN

OGJ - the ICC tribunal awarded ConocoPhillips $2.04 billion after PDVSA failed to uphold its contractual commitments. The award applies to contracts ConocoPhillips had with PDVSA and two of its subsidiaries in the Hamaca and Petrozuata heavy crude oil projects expropriated by the government and to fiscal changes enacted before the nationalizations in 2007.

 
 CONOCO NET INCOME $1.64 BLN
2018, July, 27, 12:15:00

CONOCO NET INCOME $1.64 BLN

CONOCOPHILLIPS - ConocoPhillips (NYSE: COP) reported second-quarter 2018 earnings of $1.6 billion, or $1.39 per share, compared with a second-quarter 2017 loss of $3.4 billion, or ($2.78) per share. Excluding special items, second-quarter 2018 adjusted earnings were $1.3 billion, or $1.09 per share, compared with second-quarter 2017 adjusted earnings of $0.2 billion, or $0.14 per share. Special items for the current quarter were primarily driven by an unrealized gain on Cenovus Energy equity and recognition of deferred licensing revenue, partially offset by pension settlement expense.

 

 

Tags: CONOCOPHILLIPS, CHRYSAOR, OIL, GAS, BRITAIN