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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) 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.
ConocoPhillips (NYSE: COP) reported third-quarter 2024 earnings of $2.1 billion, or $1.76 per share, down from $2.8 billion in Q3 2023. The company achieved total production of 1,917 MBOED, including record Lower 48 production of 1,147 MBOED. The board increased the quarterly dividend by 34% to $0.78 per share and expanded share repurchase authorization by up to $20 billion. Despite lower realized prices affecting earnings, the company generated $5.8 billion in operating cash flow and distributed $2.1 billion to shareholders through dividends and share repurchases. Full-year production guidance was raised to 1.94-1.95 MMBOED.
ConocoPhillips (NYSE: COP) has announced its upcoming third-quarter 2024 earnings conference call, scheduled for Thursday, Oct. 31, 2024, at 12:00 p.m. Eastern time. The company will release its financial and operating results before the market opens on the same day. Investors can access the webcast through ConocoPhillips' Investor Relations site, with registration opening 15 minutes prior to the start.
The event will be archived for later replay, and a transcript will be available the following day. As of June 30, 2024, ConocoPhillips, headquartered in Houston, Texas, had operations in 13 countries, $96 billion in total assets, and approximately 10,200 employees. The company's production averaged 1,923 MBOED for the first half of 2024, with proved reserves of 6.8 BBOE as of Dec. 31, 2023.
ConocoPhillips (NYSE: COP) has appointed Nelda J. Connors to its board of directors. Connors brings over 25 years of experience in industrial and manufacturing sectors. She is the founder, chair, and CEO of Pine Grove Holdings, , which invests in small- and mid-sized engineering-focused businesses. Previously, she served as president and CEO of Atkore International Group, Inc. and held various executive roles in the automotive industry.
Connors will serve on the Audit and Finance Committee and Public Policy and Sustainability Committee of ConocoPhillips' board. She currently sits on the boards of Carnival , Otis Worldwide , and Zebra Technologies ConocoPhillips' CEO, Ryan Lance, highlighted Connors' expertise in operational excellence and corporate finance as valuable assets in advancing the company's Triple Mandate.
Marathon Oil (NYSE: MRO) has received stockholder approval for its proposed merger with ConocoPhillips (NYSE: COP). The company will file the vote results from the special stockholder meeting in a Form 8-K with the SEC. Both companies anticipate the transaction to close in late Q4 2024, pending regulatory clearance and other customary closing conditions. This merger marks a significant development in the oil and gas industry, potentially creating a more robust entity with enhanced market presence and operational capabilities.
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