RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-02-03 12:00:00

CONOCOPHILLIPS LOSS $0.8 BLN

CONOCOPHILLIPS LOSS $0.8 BLN

CONOCOPHILLIPS - Feb. 2, 2021 - HOUSTON – ConocoPhillips (NYSE: COP) today reported a fourth-quarter 2020 loss of $0.8 billion, or ($0.72) per share, compared with fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share. Excluding special items, fourth-quarter 2020 adjusted earnings were a loss of $0.2 billion, or ($0.19) per share, compared with fourth-quarter 2019 adjusted earnings of $0.8 billion, or $0.76 per share. Special items for the current quarter were primarily due to non-cash impairments related to the Alaska North Slope Gas asset and non-core assets in Lower 48, in addition to exploration-related expenses in Other International, partially offset by an unrealized gain on Cenovus Energy equity.

Full-year 2020 earnings were a loss of $2.7 billion, or ($2.51) per share, compared with full-year 2019 earnings of $7.2 billion, or $6.40 per share. Excluding special items, full-year 2020 adjusted earnings were a loss of $1.0 billion, or ($0.97) per share, compared with full-year 2019 adjusted earnings of $4.0 billion, or $3.59 per share.

“I want to thank our workforce for their efforts in the face of a most challenging year,” said Ryan Lance, chairman and chief executive officer. “Throughout 2020, they protected each other, helped mitigate the spread of COVID-19 and safely executed our business as we adapted to changing market conditions. There was nothing easy about 2020, but the lessons from the year served to strengthen our conviction that ConocoPhillips offers the right value proposition for this volatile business -- free cash flow generation, a strong balance sheet, commitment to differential returns of and on capital and ESG leadership.

“Despite the significant industry-wide downturn in 2020, we successfully delivered this value proposition and remain committed to it. As we enter 2021, our ability to lead the sector in value creation is enhanced by the recent Concho acquisition that creates a best-in-class competitor of scale to thrive in the new energy future.”

Full-Year 2020 Summary and Recent Announcements

• Enhanced both our portfolio and financial framework through the acquisition of Concho in an all-stock transaction, as well as purchasing bolt-on acreage in Canada and Lower 48.

• Full-year production, excluding Libya, of 1,118 MBOED; curtailed approximately 80 MBOED during the year.

• Cash provided by operating activities was $4.8 billion. Excluding working capital, cash from operations (CFO) of $5.2 billion exceeded capital expenditures and investments of $4.7 billion, generating free cash flow of $0.5 billion.

• Generated $1.3 billion in disposition proceeds from non-core asset sales.

• Distributed $1.8 billion in dividends and repurchased $0.9 billion of shares, representing a 53 percent return of CFO to shareholders.

• Ended the year with cash, cash equivalents and restricted cash totaling $3.3 billion and short-term investments of $3.6 billion, equaling $6.9 billion in ending cash and short-term investments.

• Announced two significant discoveries in Norway and achieved first production at Tor II; continued appraisal drilling and started up first pads and related infrastructure in Montney.

• Adopted a Paris-aligned climate risk framework with ambition to achieve net-zero operated emissions by 2050 as part of our commitment to ESG excellence.

Quarterly Dividend

ConocoPhillips announced a quarterly dividend of 43 cents per share, payable March 1, 2021, to stockholders of record at the close of business on Feb. 12, 2021.

 

Full PDF version

-----

Earlier:

 CONOCOPHILLIPS LOSS $0.5 BLN
2020, October, 30, 13:25:00
CONOCOPHILLIPS LOSS $0.5 BLN
ConocoPhillips (NYSE: COP) today reported a third-quarter 2020 loss of $0.5 billion, or ($0.42) per share, compared with third-quarter 2019 earnings of $3.1 billion, or $2.74 per share.
 
 CONOCOPHILLIPS, CONCHO RESOURCES ACQUISITION $9.7 BLN
2020, October, 20, 15:15:00
CONOCOPHILLIPS, CONCHO RESOURCES ACQUISITION $9.7 BLN
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.
 
 AUSTRALIA'S SANTOS BUYING $1.265 BLN
2020, May, 28, 11:25:00
AUSTRALIA'S SANTOS BUYING $1.265 BLN
Santos today is pleased to announce it has completed the acquisition of ConocoPhillips’ northern Australia and Timor-Leste assets for a reduced purchase price of US$1.265 billion plus an increased contingent payment of US$200 million subject to a final investment decision (FID) on Barossa.

 

Tags: CONOCOPHILLIPS, CONOCO
Chronicle:
CONOCOPHILLIPS LOSS $0.8 BLN
2022, June, 28, 11:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
CONOCOPHILLIPS LOSS $0.8 BLN
2022, June, 28, 11:43:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
CONOCOPHILLIPS LOSS $0.8 BLN
2022, June, 28, 11:40:00
S.KOREAN NUCLEAR SUPPORT
South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.
CONOCOPHILLIPS LOSS $0.8 BLN
2022, June, 28, 11:35:00
U.S. SMR FOR ROMANIA
Romanian company Nuclearelectrica and NuScale will cooperate with the US Trade and Development Agency (USTDA) on a series of engineering and design activities and studies, as well further technical analyses of the Doicești site, a former thermal power plant site which has been identified as a potential location for the SMR plant.
CONOCOPHILLIPS LOSS $0.8 BLN
2022, June, 28, 11:30:00
U.S. SOLAR POWER 25%
US Energy Information Administration reports a capacity factor of 25% for solar generation.
CONOCOPHILLIPS LOSS $0.8 BLN
2022, June, 28, 11:25:00
AUSTRALIAN SMART ENERGY
As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.
CONOCOPHILLIPS LOSS $0.8 BLN
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.
All Publications »