ConocoPhillips Archives - Energy Analytics Institute (EAI)

Exxon and ConocoPhillips said considering return to Venezuela

HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 28.May.2026) — US-based energy giants Exxon Mobil Corp. and ConocoPhillips are considering a return to Venezuela after leaving the country 2 decades ago, despite Venezuela’s outstanding debt to the companies. Talks for their return are ongoing, but the companies have indicated the […]

ANALYSIS: building the initial case for privatizing Venezuela’s state-owned PDVSA

HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 29.Jan.2026, Words: 1,200) — State-owned Petróleos de Venezuela, S.A. (PDVSA) has long ranked among Latin America’s largest state oil companies by revenues, assets, reserves, and headcount. Yet despite a world‑class resource endowment (from crude oil to natural gas and numerous minerals) and […]

ANALYSIS: Exxon, ConocoPhillips and Chávez’ nationalization decree of 2005

BOGOTÁ, COLOMBIA (By Ana Sanches, Energy Analytics Institute, 16.Jan.2026, Words: 176) — For what it’s worth, Venezuela’s late president Hugo Chávez announced a nationalization decree in 2005 aimed at regaining Venezuela’s sovereignty over its oil sector. The decree called for state-owned Petróleos de Venezuela S.A. (PDVSA) to assume at least […]

ConocoPhillips says it will lay off up to 25% of its workforce, impacting thousands of jobs

NEW YORK, NEW YORK (By AP, 3.Sep.2025, Words: 278) — Oil giant ConocoPhillips is planning to lay off up to a quarter of its workforce, amounting to thousands of jobs, as part of broader efforts from the company to cut costs. A spokesperson for ConocoPhillips confirmed the layoffs on Wednesday, […]

Sempra and ConocoPhillips sign agreement for 4 MTPA of offtake from PALNG Phase 2

SAN DIEGO, CALIFORNIA (By Sempra, 21.Aug.2025, Words: 537) — Sempra subsidiary Sempra Infrastructure, and ConocoPhillips signed a definitive 20-year sale and purchase agreement (SPA) for 4 million tonnes per annum (MTPA) of LNG offtake from the Port Arthur LNG (PALNG) Phase 2 development project in Jefferson County, Texas. Sempra Infrastructure and ConocoPhillips initiated their strategic alliance with the Port […]

Halliburton bags multi-year well stimulation services contract in the North Sea

HOUSTON, TEXAS (By Editors at Energy Analytics Institute, 13.Aug.2025, Words: 195) — ConocoPhillips Skandinavia AS awarded Halliburton a contract to deliver comprehensive well stimulation services to improve well performance and reservoir productivity. The contract spans 5 years and includes 3 optional extension periods. The contract award highlights Halliburton’s leadership in stimulation services […]

Venezuela’s ‘Black Gold’: 4 original upgraders Sincor, Petrozuata, Cerro Negro and Hamaca

PANAMA CITY, PANAMA / HOUSTON, TEXAS (Editors at Energy Analytics Institute, 8.Jun.2025, Words: 1,143) — Venezuela is blessed with numerous heavy-oil reservoirs, but none compares to the largest accumulation of heavy and ultra heavy oil in the world – the 55,000 km2 (21,240 sq. mile) Orinoco heavy oil belt, also […]

Subsea 7 awarded contract offshore Norway by ConocoPhillips Skandinavia AS

ATLANTA, GEORGIA (Chad Archey, Energy Analytics Institute, 19.May.2025, Words: 221) — Subsea 7 announced the award of a contract — with a value between $300mn-$500mn — by the operator ConocoPhillips Skandinavia AS for a front-end engineering and design (FEED) study for the previously produced fields (PPF) development project, offshore Norway. […]

Argentina shapshot: Vista Energy’s deep, ready-to-drill, short-cycle well inventory

BELIZE CITY, BELIZE (Aaron Simonsky, Energy Analytics Institute, 12.Apr.2025) — Vista Energy‘s growth plan is centered around developing the company’s inventory of 1,150 wells in the Vaca Muerta shale formation. Of this inventory, the Bajada del Palo Oeste is home to 550, Bajada del Palo Este (150), Aguada Federal (150), Bandurria […]

Petronas Transfers KBBC PSC Operatorship to ConocoPhillips

HOUSTON, TEXAS (Editors at Energy Analytics Institute, 23.Jan.2025) — Petronas, through Malaysia Petroleum Management (MPM), marked a milestone in the strategic development of the Kebabangan Cluster Production Sharing Contract (KBBC PSC) with the official transfer of operatorship to ConocoPhillips Sabah Gas Ltd. With an export capacity up to 750 million […]

Equinor Reports Highest Ever Production in 2024 at NCS Troll Field

(Editors at Energy Analytics Institute, 6.Jan.2025) — Equinor said the Troll field in the North Sea produced more natural gas than ever before in 2024, while at the same time significantly reducing CO2 emissions. The Troll field set a historic production record, delivering 42.5 billion standard cubic meters of gas […]

ConocoPhillips Completes its Purchase of Marathon Oil

(Energy Analytics Institute, 22.Nov.2024) — ConocoPhillips completed its acquisition of Marathon Oil Corporation. “This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework,” ConocoPhillips chairman and CEO Ryan Lance said 22 Nov. 2024 in an […]

Marathon Oil Reports 3Q:24 Results

(Marathon, 6.Nov.2024) — Marathon Oil Corporation reported third-quarter 2024 (3Q:24) net income of $287mn or $0.51 per diluted share, which includes the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results. Adjusted net income was $360mn or $0.64 per diluted […]

ConocoPhillips to close Marathon deal in 4Q:24

HOUSTON, TEXAS (Editors at Energy Analytics Institute, 31.Oct.2024, Words: 310) — ConocoPhillips anticipates closing the planned acquisition of Marathon Oil in the fourth-quarter 2024 (4Q:24). The Houston-based company also expects to exceed an initial synergy guidance of $500mn. “We’re still on track to close this quarter. In the meantime, integration […]

ConocoPhillips Reports 3Q:24 Results, Updates on Marathon

(ConocoPhillips, 31.Oct.2024) — ConocoPhillips reported third-quarter 2024 earnings of $2.1bn, or $1.76 per share, compared with third-quarter 2023 earnings of $2.8bn, or $2.32 per share. Excluding special items, third-quarter 2024 adjusted earnings were $2.1bn, or $1.78 per share, compared with third-quarter 2023 adjusted earnings of $2.6bn, or $2.16 per share. […]

Chevron Closer to Canadian Divestment Target with $6.5bn Asset Sale to CNRL

(WoodMac, 7.Oct.2024) — Addressing Chevron’s announcement to sell Canadian assets to Canadian Natural Resources (CNRL) for US$6.5bn Mark Oberstoetter, Wood Mackenzie Upstream Research Director in Calgary, said “Chevron has shown commitment to its divestment target with two sale announcements in two weeks. Offloading Alaska assets to ConocoPhillips (COP) last week […]

ConocoPhillips Gets Judge to Approve Seizing of Payments to PDVSA

(Reuters, 27.Sep.2024) — ConocoPhillips on Friday got a Trinidad court to approve the seizing of payments from the Caribbean country to Venezuela’s state oil company for a proposed offshore gas project between the two neighbors. ConocoPhillips has for years been seeking to recover money from Petroleos de Venezuela (PDVSA) for […]

ConocoPhillips to Acquire Marathon Oil in All-stock Deal

(ConocoPhillips, 29.May.2024) — ConocoPhillips (NYSE: COP) and Marathon Oil Corporation (NYSE: MRO) announced today that they have entered into a definitive agreement pursuant to which ConocoPhillips will acquire Marathon Oil in an all-stock transaction with an enterprise value of $22.5bn, inclusive of $5.4bn of net debt. Under the terms of […]

ConocoPhillips Reports 4Q:23 and 2023 Results [PDF Downloads]

(ConocoPhillips, 8.Feb.2024) — ConocoPhillips (NYSE: COP) reported fourth-quarter 2023 earnings of $3bn, or $2.52 per share, compared with fourth-quarter 2022 earnings of $3.2bn, or $2.61 per share. Excluding special items, fourth-quarter 2023 adjusted earnings were $2.9bn, or $2.40 per share, compared with fourth-quarter 2022 adjusted earnings of $3.4bn, or $2.71 […]

More Venezuela Creditors to Join Citgo Auction

(Reuters, 8.Jan.2023) — A U.S. judge on Monday granted a large group of Venezuela-linked creditors rights to participate and receive proceeds from a coming auction of shares in the parent of Houston-based refiner Citgo Petroleum. A precedent-setting lawsuit by Canadian miner Crystallex Corp formally tied Venezuela-owned Citgo to the South […]

ConocoPhillips Comments on Venezuelan-Related Progress

(Energy Analytics Institute, 2.Nov.2023) — ConocoPhillips chairman and CEO Ryan Lance updated the analyst community on the company’s situation regarding Venezuela and recently started auction process for assets of Houston-based refinery Citgo Petroleum during a recent conference call. “We’re in a process with the Venezuelans right now. They also have […]

ConocoPhillips Reports 3Q:23 Results [PDF Downloads]

(ConocoPhillips, 2.Nov.2023) — ConocoPhillips (NYSE: COP) reported third-quarter 2023 earnings of $2.8bn, or $2.32 per share, compared with third-quarter 2022 earnings of $4.5bn, or $3.55 per share. Excluding special items, third-quarter 2023 adjusted earnings were $2.6bn, or $2.16 per share, compared with third-quarter 2022 adjusted earnings of $4.6bn, or $3.60 […]

TotalEnergies Sells Remaining Upstream Canadian Assets

(TotalEnergies, 4.Oct.2023) — TotalEnergies EP Canada Ltd. finalized the sale to ConocoPhillips of its 50% interest in the Surmont oil sands asset and associated midstream commitments. The transaction, for a base amount of C$4.03bn (about US$3bn) plus up to C$440mn (about US$330mn) in contingent payments, has an effective date on […]

ConocoPhillips Add Long-Term Agreement for European Regas Capacity

(ConocoPhillips, 14.Sep.2023) — ConocoPhillips (NYSE: COP) announced further progress on its global liquefied natural gas (LNG) strategy, signing a commercial agreement to secure additional regasification capacity in Europe at the Gate LNG terminal in the Netherlands. This agreement further complements the company’s foundational LNG resource positions in Qatar and Australia, […]

Which Creditors Will Have Priority for Citgo Share Auction?

(Reuters, 12.Sep.2023) — A U.S. judge in Delaware on Tuesday will set the procedure for an upcoming auction of shares in a parent of Venezuela-owned oil refiner Citgo Petroleum to satisfy more than $20 billion in claims by creditors. Dozens of companies and bondholders have flocked to U.S. courts to […]

Exxon Mobil Wants its Piece of Citgo

(USA Today, 17.Aug.2023) — The transnational Exxon Mobil, along with 19 other creditors, registered their claims against Venezuela before a court in the United States, as part of the actions to strip the country of its main asset abroad. The US oil company takes advantage of the actions promoted by […]

Who are Venezuela Creditors Seeking to Seize Citgo?

(Reuters, 19.Jul.2023) — The U.S. on Wednesday approved a three-month extension to a license protecting Citgo Petroleum from creditors seeking to seize the oil refiner’s assets. The document comes as a negotiation team representing Venezuela progresses in talks with bondholders and creditors with arbitration awards from expropriation claims, a move to avoid a breakup […]

Venezuela’s Opposition Proposes Using Exports Proceeds to Pay Creditors

(Reuters, 7.Jul.2023) — Venezuela’s opposition is crafting a proposal for the country to redirect about 200,000 barrels per day of its oil exports to a trustee to pay creditors with claims on the nation’s foreign assets. Venezuela is battling in U.S. court against bondholders and creditors claiming more than $20 billion from […]

QatarEnergy Awards EPC Contract for North Field South Project

(QatarEnergy, 16.May.2023) — QatarEnergy announces the award of the engineering, procurement, and construction (EPC) contract for the North Field South (NFS) project, which comprises two LNG mega trains with a combined capacity of 16 million tons per annum (MTPA). NFS, together with the North Field East (NFE) project, will increase […]

Sempra Launches Port Arthur LNG with $13bn FID [Video + PDF Download]

(Sempra, 20.Mar.2023) — Sempra (NYSE: SRE) (BMV: SRE) announced that its 70%-owned subsidiary, Sempra Infrastructure Partners, LP, reached a positive final investment decision (FID) for the development, construction and operation of the Port Arthur LNG Phase 1 project in Jefferson County, Texas. Sempra Infrastructure closed its joint venture with an affiliate of ConocoPhillips (NYSE: COP), as […]

ConocoPhillips and QatarEnergy to Provide Reliable LNG Supply to Germany

(ConocoPhillips, 29.Nov.2022) — ConocoPhillips (NYSE: COP) and QatarEnergy signed two agreements to supply long-term liquefied natural gas (LNG) to Germany. The suppliers are joint venture companies established between ConocoPhillips and QatarEnergy to participate in the North Field East (NFE) and North Field South (NFS) projects, and the buyer is a […]

Sempra Announces Strategic Partnership with ConocoPhillips for Port Arthur LNG

(Sempra, 22.Nov.2022) — Sempra (NYSE: SRE) (BMV: SRE) announced that its subsidiary, Sempra Infrastructure, and ConocoPhillips (NYSE: COP) have executed a 20-year Sale and Purchase Agreement (SPA) for 5 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) from Phase 1 of the proposed Port Arthur LNG project under development in Jefferson County, […]

ConocoPhillips Gets $8.5B Venezuela Award OK’d In DC

(Law360, 19.Aug.2022) — ConocoPhillips won approval on Friday to enforce an $8.5 billion arbitral award against Venezuela despite the country ignoring the litigation for more than two years, after a federal judge in Washington, D.C., ruled that Caracas’ chances of success in an ongoing annulment proceeding are minimal.Turning first to the […]

NRGBriefs: Trinidad and Peru and Reduced LNG Exports

(Energy Analytics Institute, 13.Jul.2022) — Energy briefs including Latin American gas producers Trinidad and Tobago and Peru reporting reduced LNG exports to the tune of 3.9 million tons per annum and 1.2 million tons per annum, respectively; and ConocoPhillips (NYSE: COP) posting details related to its second quarter 2022 conference […]

QatarEnergy Selects ConocoPhillips for NFE Expansion Project

(QatarEnergy, 20.Jun.2022) — QatarEnergy announced that it has selected ConocoPhillips as a partner in the North Field East (NFE) expansion project, the single largest project in the history of the LNG industry. This is the third in a series of announcements on partnerships in the $28.75bn expansion project. His Excellency […]

Equinor, Partners Ponder 1 GW Wind Farm Off Western Norway

(Equinor, 17.Jun.2022) — Equinor and its partners Petoro, TotalEnergies, Shell and ConocoPhillips in the Troll and Oseberg fields, have initiated a study and are looking into possible options for building a floating offshore wind farm in the Troll area some 65 kilometres west of Bergen, Norway. With an installed capacity […]

ConocoPhillips Announces Executive Leadership Changes

(ConocoPhillips, 2.May.2022) — ConocoPhillips (NYSE: COP) announced that Tim Leach, previously executive vice president, Lower 48, has become advisor to the chief executive officer, effective 1 May 2022. In addition to his new role, Leach will continue serving as a member of the company’s board of directors. In conjunction with […]

US Ditches Trump-era Policies for Alaska Oil Reserve

(Reuters, 25.Apr.2022) — The Biden administration on Monday overturned a controversial Trump-era policy that would have opened new swathes of Arctic Alaska to oil development. The Bureau of Land Management, part of the Department of Interior, resurrected Obama-era management policies in the National Petroleum Reserve in Alaska, a 23-million-acre (9.3 […]

Wintershall to Sell Stakes in Two Argentine Blocks for $140mn

(Offshore Technology, 18.Jan.2022) — Wintershall Dea Argentina has agreed to sell a 50% operated working stake in the unconventional Aguada Federal and Bandurria Norte blocks, in Argentina, to Vista Oil and Gas for $140m. According to the terms of the deal, Vista will pay $90m on or prior to 18 January 2022. The remaining […]

Venezuela Asset Debacle Splits Guaidó Camp

(Argus, 2.Nov.2021) — Two major Venezuelan opposition parties today voted against a decree issued by US-backed shadow parliamentary leader Juan Guaidó, an unprecedented rupture that foreshadows the expiry of his constitutional claim to an interim presidency in January 2022. Decree number 38, which Guaidó first presented in early October, called for […]

Citgo Boards In Last-ditch Talks With Washington

(Reuters, 22.Oct.2021) — The supervisory boards of Venezuela-owned Citgo Petroleum, racing to stave off a breakup of the eighth largest U.S. oil refiner, have held talks with U.S. officials in Bogota, Colombia, seeking to extend Washington’s protection while Citgo pursues negotiations with creditors, Reuters has learned. Citgo is running out […]

ConocoPhillips Steps Up Push To Collect PdV Debt

(Argus, 23.Sep.2021) — ConocoPhillips stands out in Venezuela’s vast universe of jilted creditors and claimants as a potential future commercial partner for state-owned PdV, a distinction that is driving aggressive international enforcement actions and quiet overtures for Caracas to resume payments of the company’s arbitration debt. The US independent’s $10bn […]

Venezuela Oil Czar Says Output To Skyrocket, Sanctions Be Damned

(Bloomberg, 21.Jun.2021) — In Venezuela, waiting in line at a gas station — sometimes for days — has become so routine that it’s hard to imagine life without it. But go see Tareck El Aissami, the oil minister, and you’ll find out something magical is about to happen. In weeks, […]

ConocoPhillips Reports 3Q:20 Results

(ConocoPhillips, 29.Oct.2020) — ConocoPhillips reported a third-quarter 2020 loss of $0.5 billion, or ($0.42) per share, compared with third-quarter 2019 earnings of $3.1 billion, or $2.74 per share. Excluding special items, third-quarter 2020 adjusted earnings were a loss of $0.3 billion, or ($0.31) per share, compared with third-quarter 2019 adjusted […]

ConocoPhillips Swoops On Concho In $9.7bn Deal

(WoodMac, 19.Oct.2020) — Speaking after ConocoPhillips announced it will take over Concho Resources in a $9.7 billion all-stock deal, Robert Clarke, vice president, Lower 48 upstream, at Wood Mackenzie, said: “The combination is remarkable. Just in regards to scale, ConocoPhillips is adding enough Permian production to nip at the heels […]

ConocoPhillips To Buy Concho Resources

(ConocoPhillips, 18.Oct.2020) — ConocoPhillips and Concho Resources entered into a definitive agreement to combine companies in an all-stock transaction. Under the terms of the transaction, which has been unanimously approved by the board of directors of each company, each share of Concho Resources (Concho) common stock will be exchanged for […]

Rafael Ramirez: Venezuela Can Fix Its Own Oil Industry

(Argus, 8.Sep.2020) — Rafael Ramirez served as Venezuela’s oil minister from 2002-2013 and concurrent chief executive of state-owned PdV from 2004-2013, a tumultuous period marked by an oil strike and nationalizations under the late president Hugo Chavez. In this interview, edited for length and clarity, Ramirez, now in exile in […]

Quiet Destruction Of Colombia’s Shale Potential

(Oilprice.com, 23.Jul.2020) — Sharply weaker oil prices, falling investment and dwindling oil production are weighing heavily on Colombia’s economic outlook. Last decade, the strife-torn Andean country bet its economic future on oil and became Latin America’s third-largest oil producer. A combination of deteriorating oil production and low reserves, despite promising […]

Politics Entangling Exile PdV Board

(Argus, 1.Jul.2020) — An “ad hoc” board of state-owned PdV that is a key part of US-backed opposition leader Juan Guaido’s parallel administration is running into political resistance in the run-up to National Assembly elections in early December. Ten deputies in the opposition-controlled assembly withheld support for three board appointments […]

Guaido Team Favoring COP In Citgo Fight: Update

(Argus, 19.Jun.2020) — Another senior Venezuelan opposition figure has resigned following the government’s leak of a strategy to favor ConocoPhillips in an escalating battle for Venezuelan state-owned PdV’s US refining unit Citgo. Jose Ignacio Hernandez, who held the title of special attorney general in opposition leader Juan Guaido’s US-backed exiled […]