Tag: ConocoPhillips
Cenovus CEO to be replaced, noncore asset up for sale
Cenovus CEO Brian Ferguson replaced after ConocoPhillips deal Cenovus CEO Brian Ferguson will be replaced after the unpopular deal to purchase ConocoPhillips oilsands assets in March sent company shares plummeting by half, wiping out nearly $7 billion in value. Following the announcement, shares in the Alberta oilsands company fell a further 10 per cent. The […]
Cenovus buys ConocoPhillips Western Canada deep basin gas assets
Cenovus issued 208 million common shares to ConocoPhillip ConocoPhillips announced a transaction with Cenovus to sell its 50 per cent non-operated interest in the Foster Creek Christina Lake oil sands partnership, as well as the majority of its western Canada Deep Basin gas assets, according to a press release. “With the completion of this transformational […]
Cenovus shareholder looks to regulator to stop ConocoPhillips assets buy
Investor says Cenovus Conoco buy dilutes value of shares Cenovus shareholder Coerente Capital Management has filed a complaint with the Ontario Securities Commission, hoping to stop the Canadian oilsands company from purchasing some ConocoPhillips assets. In a Reuters report, Len Racioppo, Coerente’s managing director said the new stock issued to help pay for the deal has significantly […]
You’ll be SHOCKED (not really) by the real reason ConocoPhillips “fled” Alberta
Conoco’s sale of oil sands, natural gas assets to Cenovus motivated by business concerns, not policy A few weeks ago I wrote a column about how the purchase of $32 billion in oil sands assets by Cenovus and CNRL was a “great news” story for the Alberta energy sector, a real coming of age for […]
Syncrude shutdown cuts ConocoPhillips oil sands production
Syncrude shutdown forced by March plant fire A fire at the Syncrude oilsands facility last month that caused significant damage to the plant, has resulted in a complete production cut at the 350,000 b/d northern Alberta operation for the month of April. The temporary Syncrude shutdown has also curtailed output from the ConocoPhillips’ Surmont plant. The 140,000 b/d […]
Cenovus to double production and reserves in Canada
$17.7 billion acquisition establishes anchor position in two of Canada’s most attractive oil and gas plays Cenovus Energy Inc., one of Canada’s largest producers, has agreed to acquire U.S. oil major ConocoPhillips’ 50 per cent interest in the FCCL Partnership, the companies’ jointly owned oil sands venture operated by Cenovus, according to a press release. Cenovus […]
International tribunal orders Ecuador to pay ConocoPhillips $380 million
Tribunal also issued a separate decision finding Ecuador entitled to $42 million ConocoPhillips’ wholly owned subsidiary, Burlington Resources Inc., received an arbitration award of $380 million from an international arbitration tribunal, constituted under the International Centre for the Settlement of Investment Disputes (ICSID), for Ecuador’s unlawful expropriation of Burlington’s significant investment in breach of the […]
ConocoPhillips completes sale of exploration blocks offshore senegal
Three offshore exploration blocks, had a net carrying value of approximately $285 million HOUSTON – ConocoPhillips announced it completed a transaction for the sale of its shares in ConocoPhillips Senegal BV, which holds a 35 per cent interest in three exploration blocks offshore Senegal. “We are pleased to complete this transaction with Woodside,” said Matt Fox, executive […]
ConocoPhillips, State to form JV for Alaska LNG marketing
Alaska LNG joint venture would also focus on buying North Slope gas Sept 22 (Reuters) – ConocoPhillips’ Alaskan unit and the State of Alaska have entered into a memorandum of understanding to form a joint venture to market Alaska LNG from to global markets. Alaska‘s Gasline Development Corp (AGDC) said on Thursday the joint venture would […]
Conoco CEO looks at hedging options but says market limited
Conoco too big to hedge all output: Ryan Lance HOUSTON, May 10 (Reuters) – ConocoPhillips has looked at using derivatives to lock in oil prices in a volatile market, including so-called floors to guard against any new price drops, but Chief Executive Ryan Lance said on Tuesday the company is too big to hedge all of […]
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