ConocoPhillips To Establish Bohai Bay Fund

- ConocoPhillips To Establish Bohai Bay Fund



Sep 7, 2011

ConocoPhillips (NYSE:COP) announced on Wednesday that it will establish a fund related to the incidents at the Peng Lai field in Bohai Bay, China.

This fund will be designed to address ConcoPhillips' responsibilities in accordance with relevant laws of China and to benefit the general environment in Boahi Bay.

ConocoPhillips (NYSE:COP) has a potential upside of 26% based on a current price of $65.7 and an average consensus analyst price target of $82.8.

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ConocoPhillips Completes Shutdown of Bohai Bay Oilfield

- ConocoPhillips Completes Shutdown of Bohai Bay Oilfield



Sep 6, 2011

ConocoPhillips China (NYSE:COP) has completed the shutdown of its Bohai oilfield operations, as ordered by China marine authority.

The company says it will continue to work with CNNOC (NYSE:CEO), which holds a 51% stake of in the oil field, to develop a plan to reduce reservoir pressure to ensure the safety of the field

ConocoPhillips (NYSE:COP) has a potential upside of 24.6% based on a current price of $66.44 and an average consensus analyst price target of $82.8.

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ConocoPhillips Says Bohai Bay Cleanup Almost Complete

- ConocoPhillips Says Bohai Bay Cleanup Almost Complete



Aug 19, 2011

ConocoPhillips China (NYSE:COP) says the cleanup from the oil spills in China's Bohai Bay is nearly complete, with minimal impact to the environment.

The company said it "sincerely regrets" the incidents in Bohai Bay and "accepts its responsibilities.

ConocoPhillips (NYSE:COP) has a potential upside of 29.8% based on a current price of $63.79 and an average consensus analyst price target of $82.8.

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ConocoPhillips' CEO Is Abandoning Decade Long Effort To Compete With Refiners

- ConocoPhillips' CEO Is Abandoning Decade Long Effort To Compete With Refiners



Jul 15, 2011

ConocoPhillips' (NYSE:COP) CEO Jim Mulva is abandoning a decade-long effort to compete with the world's biggest refiners, according to a Bloomberg report, amid a growing glut of plants that are crude-processing.

The company plans to spin off its refining business to focus on upstream projects such as drilling for crude and natural gas in Texas, Norway, China and the U.K.

Mulva plans to retire when the spinoff is complete.

ConocoPhillips has a potential upside of 10.5% based on a current price of $76.37 and an average consensus analyst price target of $84.38.

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ConocoPhillips to Split Into Two Next Year

- ConocoPhillips to Split Into Two Next Year



Jul 14, 2011

ConocoPhillips (NYSE:COP) announced Thursday that it will be splitting into two companies. The division should take place sometime in the first half of 2012.

James J. Mulva, the ConocoPhillips chairman and chief executive, said in a statement, "We have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies."

ConocoPhillips has a potential upside of 13.4% based on a current price of $74.4 and an average consensus analyst price target of $84.38.

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ConocoPhillips Reaches Deepwater Exploration Deal with Bangladesh

- ConocoPhillips Reaches Deepwater Exploration Deal with Bangladesh



Jun 16, 2011

ConocoPhillips (NYSE:COP) announced it has signed a deal today with the Government of Bangladesh and Petrobangla, the Bangladeshi state oil company, to explore for oil in two deepwater blocks in the Bay of Bengal.

Larry Archibald, senior vice-president, Exploration and Business Development said, "ConocoPhillips is pleased to become part of the Bangladesh oil and gas community. We fully expect that this contract signing will be the first step in a long and successful relationship between ConocoPhillips, Petrobangla and the Government of Bangladesh."

Bangladesh's deepwater area of the Bay of Bengal is virtually unexplored. The 2 blocks are located in an area with a depth of 3,300 to 5,000 feet of water, and are about 175 miles from the port city of Chittagong.

ConocoPhillips has a potential upside of 20.6% based on a current price of $70.57 and an average consensus analyst price target of $85.13.

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ConocoPhillips to Drill Off Australia to Evaluate Natural Gas Discovery

- ConocoPhillips to Drill Off Australia to Evaluate Natural Gas Discovery



May 17, 2011

Shares of ConocoPhillips (COP) are down on a Bloomberg report that the oil giant plans to begin drilling in the Browse Basin off Australia's northwest coast.

The move will come in the second or third quarter in an effort to judge the potential of discovering natural gas in the area.

ConocoPhillips shares are down 0.76%, or $0.54, to $70.89.

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ConocoPhillips Reports Weak Q1, Misses Estimates

ConocoPhillips Reports Weak Q1, Misses Estimates



Apr 27, 2011

ConocoPhillips (NYSE:COP) reported Q1 EPS of $1.82 today, missing the consensus estimate for $1.97 per share. Revenue for the quarter was up 27% year-over-year to $58.25 billion, missing the consensus estimate for $61.72 billion.

Jim Mulva, chairman and chief executive officer said, "While our financial results were much improved from a year ago, E&P production and R&M capacity utilization did not meet our targets. The quarter was negatively impacted by approximately $200 million from unplanned downtime and from variable compensation expense related to prior-year performance."

ConocoPhillips Inks Deal to Bring Liquefied Natural Gas to Britain

ConocoPhillips Inks Deal to Bring Liquefied Natural Gas to Britain



Shares of ConocoPhillips (COP) are down after Britain's South Hook Gas signed a deal allowing the US oil major to access spare liquefied natural gas import capacity at Europe's biggest liquefied natural gas terminal, Reuters reported.

The deal will boost the amount of gas that can be delivered into the UK by COP through unused capacity at the terminal.

ConocoPhillips shares are down 0.16%, or $0.13, to $80.30.

ConocoPhillips up 2% on Plans to Explore Angola, Poland for Oil, Gas

ConocoPhillips up 2% on Plans to Explore Angola, Poland for Oil, Gas



ConocoPhillips is up 1.56% to $80.04, helped by the general bullish sentiment on energy shares Wednesday, as well plans to expand its operations in Angola, the Gulf of Mexico and Poland.

The company is negotiating leases on two deepwater blocks in Angola, exploring for oil and gas in the deepwater area of the Gulf of Mexico, and is active in exploring for resources in Poland. It has rights to one million acres in several different parts of the country, according to Investopedia.