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Tag Archives: ConocoPhillips

BP buys Devon Energy’s Blanco unit

FARMINGTON — BP has added more San Juan Basin assets to its natural gas portfolio for the first time in seven years. On Dec. 18, BP’s Lower 48 Onshore oil and gas business announced the acquisition of Devon Energy Corp.’s North East Blanco Unit, a collection of 480 natural gas wells across 33,000 gross acres in San Juan and Rio ...

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Losses elsewhere, but profits in Alaska, reports ConocoPhillips

JUNEAU — ConocoPhillips reported losing $179 million in the quarter that ended June 30, compared to profits of $2.1 billion in the same quarter last year. But its Alaska operations, reported separately Thursday, remained profitable even while oil prices plunged over the last year. The company is closely watched as the largest producer of oil in Alaska, as well as ...

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ConocoPhillips puts Cook Inlet gas fields up for sale

Two aging natural gas fields in Cook Inlet that help provide power to much of Southcentral Alaska, the state’s most populous region, are up for sale, owner ConocoPhillips Alaska announced on Tuesday. The Beluga River and North Cook Inlet fields account for nearly all of ConocoPhillips’ natural gas production in Alaska, but output has been declining for years and, according ...

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School of Energy’s well pad simulator offers hands-on training

Bakken Oil Well Flare

FARMINGTON — Last month, the final piece of the new San Juan College School of Energy was put into place — an outdoor well pad simulator. School of Energy Dean Randy Pacheco said the simulator facility — which takes up about a half-acre just steps from the new 65,000-square-foot building located on the northeast corner of the college’s main campus ...

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Energy company paying to move hiking, horse-riding trails

KILLDEER, N.D. — The energy company that developed the biggest drilling unit in western North Dakota’s Bakken oil patch says it will move some hiking and horse-riding trails away from its operations. ConocoPhillips created the 47-square-mile Corral Creek Unit in 2011. It has now pledged $100,000 to move two trails in the Little Missouri State Park area away from an ...

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After Iran deal, U.S. companies face being left out in cold

WASHINGTON – Within hours of the announcement of an Iran nuclear deal early on Tuesday, lawyers around Washington were fielding calls from U.S. corporate clients eager to know what the 159-page deal would mean for their business prospects. In the near term, the answer for most of them is: not very much. U.S. companies face losing out to foreign competitors ...

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Guesswork, inconsistency nag U.S. shale oil accounting

HOUSTON/NEW YORK – Steep downward revisions to oil and gas reserves at the end of this year are likely to increase scrutiny of how energy companies tally future barrels – a process that has become more opaque with the rise of shale drilling. The revisions due in December will reflect a deep plunge in crude prices and should not come ...

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Gov. Walker strengthens ties with oil industry in Slope tour

DEADHORSE — Known for having an adversarial relationship with the oil industry as a private attorney, Bill Walker made his first trip as governor to the state’s North Slope oil fields this week, taking a three-day tour of the widespread facilities and at times discussing prickly issues with oil officials. Production taxes came up, as did the massive Alaska LNG ...

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Shell-BG deal may be end point rather than harbinger: Russell

(Clyde Russell is a Reuters columnist. The views expressed are his own.) KUALA LUMPUR – There is a widespread assumption that weak commodity prices are likely to spark a wave of merger and acquisition activity as stronger companies seek to buy assets on the cheap. The $70 billion buyout of BG Plc by larger rival Royal Dutch Shell is generally ...

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ConocoPhillips says to maintain capex for next 3 years

ConocoPhillips Chairman and CEO Lance rings the closing bell at the New York Stock Exchange

KUALA LUMPUR – ConocoPhillips expects to maintain capital expenditure for the next three years, after reducing it earlier this year due to the oil price drop, Chief Executive Ryan Lance told Reuters on Monday. The largest independent U.S. energy company, which cut its 2015 capital budget by $2 billion to $11.5 billion in January, “should hold (investment) flat for three ...

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