Welcome to our dedicated page for ConocoPhillips news (Ticker: COP), a resource for investors and traders seeking the latest updates and insights on ConocoPhillips stock.
ConocoPhillips (symbol: COP) is a prominent American multinational corporation engaged in hydrocarbon exploration and production, headquartered in the Energy Corridor district of Houston, Texas. As a leading independent exploration and production firm in the U.S., ConocoPhillips is dedicated to discovering and developing oil and natural gas resources globally.
In 2023, ConocoPhillips achieved a significant milestone by producing an average of 1.2 million barrels per day of oil and natural gas liquids, along with 3.1 billion cubic feet per day of natural gas. The company's operations span several key regions, including Alaska, the Lower 48 states in the U.S., Norway in Europe, and multiple countries in the Asia-Pacific and Middle East.
The company's proven reserves at the end of 2023 were an impressive 6.8 billion barrels of oil equivalent, showcasing its robust portfolio and long-term potential. This extensive reserve base underscores ConocoPhillips' capacity to meet global energy demands while maintaining a strong financial footing.
ConocoPhillips is continually involved in new projects and strategic partnerships aimed at enhancing its production capabilities and expanding its reach. The company's commitment to sustainable practices and technological innovation positions it as a key player in the energy sector. Recent achievements include advancements in digital oilfield technology, which optimize exploration and production processes, thereby improving efficiency and reducing environmental impact.
Investors and stakeholders can keep abreast of the latest developments and performance metrics of ConocoPhillips through regular updates and news releases. The company's proactive approach to communication ensures transparency and provides valuable insights into its operations and strategic direction.
For more detailed and up-to-date information about ConocoPhillips, including its financial performance and ongoing projects, visit the official website or track news updates on platforms like StockTitan.
ConocoPhillips (NYSE: COP) has announced an agreement to sell its interests in the Ursa and Europa Fields and Ursa Oil Pipeline Company to Shell subsidiaries for $735 million, subject to customary closing adjustments. The transaction includes ConocoPhillips' 15.96% interest in the Ursa Field, 1% interest in the Europa Field, and an overriding royalty interest in the Ursa Field.
The assets being sold currently produce approximately 8 thousand barrels of oil equivalent per day (MBOED). The deal is expected to close by the end of Q2 2025, with an effective date of January 1, 2025. The proceeds will be used for general corporate purposes, contributing to ConocoPhillips' progress toward its $2 billion disposition target.
ConocoPhillips (NYSE: COP) has received exemptive relief from Canadian securities regulatory authorities regarding future filing requirements. This development follows the company's acquisition of Marathon Oil in November 2024, which had made ConocoPhillips subject to Canadian continuous disclosure obligations.
The granted Decision exempts ConocoPhillips from requirements under Canada's National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Instead, the company will provide oil and gas activity disclosures following U.S. Securities and Exchange Commission (SEC) requirements. These disclosures must be filed on www.sedarplus.ca after SEC filing.
As of December 31, 2024, ConocoPhillips operated in 14 countries with $123 billion in total assets and approximately 11,800 employees.
ConocoPhillips (NYSE: COP) reported fourth-quarter 2024 earnings of $2.3 billion ($1.90 per share), down from $3.0 billion ($2.52 per share) in Q4 2023. Full-year 2024 earnings were $9.2 billion ($7.81 per share), compared to $11.0 billion in 2023.
Key highlights include the completion of Marathon Oil acquisition, a preliminary reserve replacement ratio of 244%, and a planned 2025 return of capital target of $10 billion. The company declared a Q1 2025 dividend of $0.78 per share and provided 2025 guidance with capital expenditure of approximately $12.9 billion.
Fourth-quarter 2024 production reached 2,183 MBOED, up 281 MBOED year-over-year. The company's total average realized price was $52.37 per BOE, 10% lower than Q4 2023. Full-year 2024 production averaged 1,987 MBOED, with preliminary year-end proved reserves at 7.8 BBOE.
ConocoPhillips (NYSE: COP) has announced its upcoming fourth-quarter 2024 earnings conference call, scheduled for Thursday, February 6, 2025, at 12:00 p.m. Eastern time. The company will release its financial and operating results before market opening on the same day, including the accounting close for the recently acquired Marathon Oil as of December 1, 2024.
The company's current operational highlights include operations in 13 countries, total assets of $97 billion, and approximately 10,300 employees as of September 30, 2024. Production averaged 1,921 MBOED for the nine months ended September 30, 2024, with proved reserves of 6.8 BBOE as of December 31, 2023.
ConocoPhillips (NYSE: COP) announced pricing terms for cash tender offers through its subsidiary ConocoPhillips Company. The offers include purchasing any and all of Marathon Oil 's debt securities and Maximum Offer Notes up to approximately $4.04 billion, subject to priority levels and proration.
The Total Tender Offer Consideration was determined based on fixed spreads over U.S. Treasury Security yields. For the Any and All Notes, the company expects to accept approximately $2.67 billion in principal amount. For Maximum Offer Notes, CPCo expects to accept notes with Acceptance Priority Levels 1-7, totaling about $1.08 billion, while notes with priority levels 8-13 will not be accepted.
The settlement date for validly tendered notes is expected to be December 12, 2024.
ConocoPhillips (NYSE: COP) announced the early participation results of its exchange offers and consent solicitations for Marathon Oil 's outstanding notes. The exchange offers, worth up to $4 billion in aggregate principal amount, allow eligible holders to exchange Marathon notes for new notes issued by ConocoPhillips Company and guaranteed by COP.
As of December 9, 2024 (Early Tender Date), significant amounts across six series of existing Marathon notes were tendered, including $225.3M of 4.400% Notes due 2027 and $259.0M of 6.600% Notes due 2037. Marathon received sufficient consents to adopt the proposed amendments for all six series. Withdrawal rights expired at the Early Tender Date, and the exchange offers will expire on December 24, 2024.
ConocoPhillips (NYSE: COP) announced the early results of its cash tender offers and increased the Maximum Offer Reference Amount to accept all Notes with Acceptance Priority Levels 1-7. As of December 9, 2024, approximately $2.67 billion of Any and All Notes and $2.28 billion of Maximum Offer Notes were validly tendered.
The company received sufficient consents to adopt proposed amendments for all six series of Any and All Notes. Due to high subscription, COP expects to accept all validly tendered notes from Priority Levels 1-7, but none from Levels 8-13. The Early Settlement Date is expected to be December 12, 2024.
ConocoPhillips (NYSE: COP) has announced exchange offers for up to $4 billion in Marathon Oil debt securities following its acquisition of Marathon. The exchange offers allow eligible holders to swap Marathon's outstanding notes for new notes issued by ConocoPhillips Company and guaranteed by ConocoPhillips. Six series of existing Marathon notes are eligible for exchange, with holders who tender by the Early Tender Date (Dec. 9, 2024) receiving $1,000 principal amount of new notes per $1,000 of existing notes, while those tendering after will receive $950 principal amount. The exchange offers are accompanied by consent solicitations to modify certain covenants in the existing notes' indentures.
ConocoPhillips Company (COP) has launched cash tender offers to purchase Marathon Oil 's debt securities and certain ConocoPhillips debt securities. The offers include: (1) any and all of Marathon's listed debt securities, and (2) up to $4 billion combined aggregate purchase price of specified ConocoPhillips debt securities, subject to priority levels and proration. The tender offers follow COP's completion of Marathon acquisition on Nov. 22, 2024. The offers expire on Dec. 24, 2024, with an early tender deadline of Dec. 9, 2024. Holders who tender by the early deadline will receive an additional premium of $50 per $1,000 principal amount.
ConocoPhillips (NYSE: COP) has completed its acquisition of Marathon Oil . The transaction converts each Marathon Oil share into 0.255 shares of ConocoPhillips common stock. The acquisition enhances ConocoPhillips' U.S. unconventional portfolio with high-quality, low-cost inventory. The company expects to achieve synergies exceeding $1 billion on a run rate basis within 12 months. ConocoPhillips currently operates in 13 countries with $97 billion in total assets and approximately 10,300 employees, producing an average of 1,921 MBOED for the nine months ended Sept. 30, 2024.
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