ConocoPhillips said on Thursday its Chairman and CEO Ryan Lance will attend a White House meeting on Friday and that it was monitoring developments in Venezuela and their "potential implications for global energy supply and stability."
Venezuela owes ConocoPhillips and ExxonMobil billions of dollars in arbitration claims after it nationalized the oil industry in 2007. Energy Secretary Chris Wright said those claims need to be paid but are not an immediate priority.
ConocoPhillips (COP) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
ConocoPhillips stands to convert a $12B Venezuelan legal claim into near-zero-cost equity stakes in high-producing Orinoco Belt assets. COP is positioned to receive $1.4B in cash from the Citgo auction, providing liquidity for Venezuelan infrastructure investment without tapping domestic cash flow. Re-entry into Venezuela could add up to 500k bpd by 2030, boosting the company's South American production and long-term cash flow potential.
White House and State Department officials have told U.S. oil executives in recent weeks that they would need to return to Venezuela quickly and invest significant capital in the country to revive the damaged oil industry if they wanted compensation for assets expropriated by Venezuela two decades ago, according to two people familiar with the outreach.
ConocoPhillips hits unexpected gas at Charlemont-1 in Australia's Otway Basin, pausing drilling amid high-pressure conditions at Waarre C.
ConocoPhillips (COP) reached $94.1 at the closing of the latest trading day, reflecting a +1.59% change compared to its last close.
COP's low-cost global assets, divestments and Marathon Oil deal support cash flows, but oil price pressure and Willow cost overruns argue for a hold.
ConocoPhillips (COP) reached $91.8 at the closing of the latest trading day, reflecting a -1% change compared to its last close.
SUBCY lands an EPCI contract from COP for its Previously Produced Fields offshore Norway, covering subsea structures, umbilicals, risers and flowlines.
In the most recent trading session, ConocoPhillips (COP) closed at $92.23, indicating a -2.87% shift from the previous trading day.
In the most recent trading session, ConocoPhillips (COP) closed at $95.54, indicating a -1.21% shift from the previous trading day.