La compagnie ConocoPhillips

[energy_isere]

C'est Conoco Philips qui va racheter les activité de TotalEnergie dans les tar sands, pour 3 milliards de dollars.

Conoco To Box Suncor Out Of Oil Sands Deal
By Julianne Geiger - May 26, 2023,

> ConocoPhillips will snap up TotalEnergies' 50% stake in the Surmont oil sands field.
> The deal keeps Suncor from buying into the project.
> ConocoPhillips said on Friday that it will purchase the assets for $3 billion and up to $325 million in contingent payments.

ConocoPhillips will snap up TotalEnergies' 50% stake in the Surmont oil sands field for more than $3 billion in a move that will prevent Suncor Energy from buying into the project.

"We look forward to leveraging our position as 100 per cent owner and operator of Surmont to further optimize the asset while progressing toward our overall interim and long-term emissions intensity objectives," ConocoPhillips CEO Ryan Lance said in a Friday statement.
ConocoPhillips said on Friday that it will purchase the assets for $3 billion and up to $325 million in contingent payments on a deal expected to close in the second half of 2023.
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https://oilprice.com/Energy/Crude-Oil/C ... -Deal.html

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ConocoPhillips Hits Record Output but Sees Profit Fall

by Jov Onsat|Rigzone Staff|Monday, August 07, 2023

Weaker oil and gas prices dragged down second quarter net income for ConocoPhillips Co. but the USA producer nonetheless plans to sustain record production through the rest of 2023.

The Texas state-based company pocketed $2.232 billion in net earnings for the April-June quarter, apparently with no impact from extraordinary or non-recurring items, according to its filing with the Securities and Exchange Commission (SEC). That was down by $688 million against the prior three-month period.

As with its multinational peers, the slump in the second quarter becomes steeper when compared to April-June 2022. USA-based rivals Chevron Corp. fell $5.707 billion year on year to $6.008 billion, Exxon Mobil Corp. shed $9.97 billion to $7.88 billion and Occidental Petroleum Corp. slumped $2.895 billion to $860 million.

The trend reflects an apparent normalization in fossil fuel prices, which hit record highs following Russia's invasion of Ukraine February 2022. International petroleum benchmark Brent peaked last year in the month of June at $122.71 a barrel on a monthly average. But June 2023 was the weakest month for Brent in the last 13 months at an average of $74.84 per barrel, according to data from the USA Energy Information Administration (EIA). The West Texas Intermediate (WTI), another global standard for crude spot pricing, also peaked June in the year 2022 at $114.84 per barrel before plummeting to a 13-month low of $70.25 June 2023, based on the EIA bulletin.

The international natural gas benchmark Henry Hub plunged from last year's peak of $8.81 per British thermal unit (Btu) in the month of August to $2.18 per Btu June 2023. The Louisiana state-based distribution center changed only by cents on a monthly average during the second quarter of 2023, according to the same database.

Annual average prices for the North Sea-based Brent and the WTI in 2022 were the highest since 2014, according to the EIA data. That of the Henry Hub was the highest since 2009, the EIA figures show.

ConocoPhillips' total average realized price in the second quarter of 2023 dropped to $54.5 per barrel of oil equivalent (boe) from $88.57 in the 2022 second quarter, according to the SEC disclosure.

The weaker prices offset higher output, which also resulted in higher operating expenses. ConocoPhillips achieved its biggest ever production during the 2023 second quarter at 1.805 million boe per day (MMboepd). That was driven by the Lower 48 (the USA states excluding Alaska and Hawaii), with this region also recording its highest output during the quarter at 1.063 MMboepd. Besides the USA contributing wells were in Australia, Canada, China, Libya, Malaysia, Norway and Qatar.

ConocoPhillips, which also does business in exploration, generated $9.257 billion in cash from operating activities in the second quarter of 2023. It had $5.735 billion in cash and cash equivalents as of the end of the quarter. Short-term debt stood at $879 million.

ConocoPhillips declared $0.51 in ordinary dividend plus $0.6 in variable return of cash (VROC) per common share for the second quarter, compared to the company's net profit of $1.84 per common stock. "We returned $1.3 billion to shareholders through share repurchases and $1.4 billion through our ordinary dividend and a VROC", it said in the filing, maintaining full-year shareholder returns at $11 billion.

"We re-invested $2.9 billion into the business in the form of capital expenditures and investments during the second quarter of 2023, with over half of the expenditures related to flexible, short-cycle unconventional plays in the Lower 48 segment, where our production has access to both domestic and export markets", ConocoPhillips added.

It plans to spend up to $11.2 billion in operating capital for the full year, up from $10.2 billion invested into operations last year.

"Third-quarter 2023 production is expected to be 1.78 to 1.82 million barrels of oil equivalent per day", ConocoPhillips said. "Full-year production is now expected to be 1.80 to 1.81 MMBOED, as compared to prior guidance of 1.78 to 1.80 MMBOED."

Chair and chief executive Ryan Lance said in a statement, "Looking ahead, we remain constructive on the second half of the year as well as the long-term outlook for the sector".

"By continuing to enhance our deep, durable and diversified asset base, we are well positioned to generate competitive cash flow and returns for decades", Lance added.

https://www.rigzone.com/news/conocophil ... 5-article/

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ConocoPhillips s'offre Marathon Oil pour 22,5 milliards de dollars

Par Jean-Noël Legalland le 29/05/2024

ConocoPhillips a confirmé un accord en vue de l'acquisition de Marathon Oil dans le cadre d'une transaction entièrement en actions. Ainsi, les deux groupes ont annoncé avoir conclu un accord définitif aux termes duquel ConocoPhillips acquerra Marathon Oil dans le cadre d'une transaction entièrement en actions d'une valeur d'entreprise de 22,5 milliards de dollars, dont 5,4 milliards de dette nette. Selon les termes de l'accord, les actionnaires de Marathon Oil recevront 0,2550 action ordinaire de ConocoPhillips pour chaque action ordinaire de Marathon Oil, ce qui représente une prime de 14,7% par rapport au cours de clôture de l'action de Marathon Oil hier et une prime de 16% par rapport au prix moyen pondéré en fonction du volume des 10 jours précédents.

L'acquisition de Marathon Oil devrait avoir un effet immédiatement relutif sur les bénéfices, les flux de trésorerie et le retour de capital par action, indique ConocoPhillips, qui s'attend à réaliser au moins 500 millions de dollars d'économies de coûts et de capital au cours de la première année complète suivant la clôture de la transaction. Indépendamment de la transaction, ConocoPhillips prévoit d'augmenter son dividende de base ordinaire de 34% à 78 cents par action à partir du quatrième trimestre 2024. En outre, ConocoPhillips s'attend à ce que les rachats d'actions dépassent 20 milliards de dollars au cours des trois premières années consécutives à l'opération, dont plus de 7 milliards de dollars au cours de la première année complète, aux prix récents des matières premières.


"Cette acquisition de Marathon Oil approfondit encore notre portefeuille et s'inscrit dans notre cadre financier, en ajoutant des stocks d'approvisionnement de haute qualité et à faible coût, adjacents à notre position de leader dans le domaine des produits non conventionnels aux États-Unis", a déclaré Ryan Lance, PDG de ConocoPhillips. "Il est important de noter que nous partageons des valeurs et des cultures similaires en mettant l'accent sur une activité sûre et responsable afin de créer de la valeur à long terme pour nos actionnaires. La transaction a un effet immédiatement relutif sur les bénéfices, les flux de trésorerie et les distributions par action, et nous voyons un potentiel de synergies important".

La transaction est soumise à l'approbation des actionnaires de Marathon Oil, aux autorisations réglementaires et à d'autres conditions de clôture habituelles. L'opération devrait être finalisée au quatrième trimestre 2024. Notons que les deux groupes sont basés à Houston, au Texas.

https://www.boursier.com/actions/actual ... 29860.html

[energy_isere]

ConocoPhillips veut racheter Marathon Oil, une nouvelle méga-acquisition malgré les appels à la sortie des fossiles ?

AFP le 29 mai 2024

Le géant pétrolier américain ConocoPhillips a annoncé mercredi vouloir racheter son concurrent Marathon Oil, valorisé à 22,5 milliards de dollars dont 5,4 milliards de dette nette, au moment où le secteur fait face à des pressions sur la sortie des énergies fossiles face au changement climatique.

Une « complémentarité »

Cela s'inscrit dans une série d'annonces de grosses acquisitions dans le secteur pétrolier américain allant à l'encontre des appels à entamer leur transition énergétique, après ExxonMobil et Pioneer Natural Resources (60 milliards de dollars), Chevron et Hess (53 milliards), Occidental Petroleum et CrownRock (12 milliards).

Avec Marathon, ConocoPhillips va se renforcer dans des régions riches en pétrole et gaz de schiste comme le bassin Bakken, dans le nord des États-Unis, ou le bassin permien dans le sud.

L'acquisition permettra "d'ajouter des surfaces très complémentaires au portefeuille onshore de ConocoPhillips aux États-Unis, avec deux milliards de barils de ressource supplémentaires", précisent les entreprises, basées au Texas, dans un communiqué.

Cette "complémentarité" devrait permettre à ConocoPhillips de réaliser 500 millions de dollars d'économies dans l'année suivant l'opération, qui devrait être finalisée à la fin de l'année 2024, notamment grâce à "la réduction des coûts administratifs" et de production.

Des rachats d'actions pour plus de 20 milliards de dollars

Le géant pétrolier prévoit aussi de continuer à récompenser ses actionnaires avec des rachats d'actions pour plus de 20 milliards de dollars dans les trois années suivant le rachat de Marathon Oil, dont sept milliards la première année, selon le communiqué.

Dans le détail, selon l'accord définitif conclu en vue du rachat, les actionnaires de Marathon Oil recevront 0,255 action de ConocoPhillips par action, soit une prime de 14,7% par rapport au cours de clôture de Marathon Oil mardi.

En octobre, un autre grand groupe pétrolier américain, ExxonMobil, avait annoncé qu'il allait racheter son compatriote Pioneer Natural Resources pour environ 60 milliards de dollars. Il s'agissait là aussi de se renforcer dans le bassin permien, qui attise les convoitises.

La major, qui assume investir dans l'exploitation des hydrocarbures malgré l'impact sur le climat, réunit lors de son assemblée générale mercredi ses actionnaires, qui auront l'occasion de s'exprimer sur la manière forte avec laquelle il a réagi aux récentes contestations liées au changement climatique.

Fin 2023, l'autre major pétrolière américaine Chevron avait aussi annoncé l'acquisition pour 53 milliards de dollars du producteur de gaz et de pétrole Hess, et le compatriote Occidental Petroleum celui de CrownRock pour quelque 12 milliards de dollars.

https://www.connaissancedesenergies.org ... les-240529

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suite de ce post du 29 mai 2024 viewtopic.php?p=2391831#p2391831

Marathon Oil Now Part of ConocoPhillips

by Jov Onsat|Rigzone Staff | Monday, November 25, 2024

ConocoPhillips has completed its acquisition of Marathon Oil Corp., after the $22.5 billion transaction cleared an extended regulatory anti-trust review.

“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 chair and chief executive Ryan Lance said in a company statement. “Marathon Oil adds high-quality, low-cost-of-supply inventory adjacent to our leading U.S. unconventional position.

“We have a strong history of seamlessly integrating assets and we expect to deliver synergies of over $1 billion on a run rate basis in the next 12 months”.

Marathon Oil survives as a subsidiary. Marathon Oil shareholders received 0.255 ConocoPhillips common shares for each common share they held at Marathon Oil. ConocoPhillips paid cash for fractional shares. The total enterprise value of $22.5 billion includes $5.4 billion of net debt accrued by Marathon Oil, according to the announcement of the merger agreement May 29.

In a regulatory filing announcing the closure of the transaction, ConocoPhillips said it has agreed to unconditionally provide $1 billion in guarantee for the aggregate principal amount of municipal bonds issued by the Parish of St John the Baptist, Louisiana, for Marathon Oil. “Further, effective on or about July 1, 2026, ConocoPhillips Company, a Delaware corporation, will assume all of Marathon’s obligations in connection with the Municipal Bonds”, ConocoPhillips told the Securities and Exchange Commission.

In July the Federal Trade Commission (FTC) issued a so-called “second request” to each of the Houston, Texas-based oil and gas exploration and production companies asking for further transaction details.

The Hart-Scott-Rodino Antitrust Improvements Act requires parties in business combinations that fall within the size-of-transaction reporting threshold to notify the Department of Justice (DOJ) and the FTC of such a transaction. The two enforcement agencies then review the transaction for a period usually 30 days — called a waiting period — before it can be completed, the FTC says on its website.

If during the waiting period either the FTC or the DOJ finds cause for a further audit, the determining agency can ask the transaction parties for additional information and documents. This action called a second request extends the waiting period typically also by 30 days, according to the FTC. Federal reviewers can request a court injunction if they find a possible anti-trust breach.

ConocoPhillips derives most of its production from the Delaware and Midland basins and the Bakken and Eagle Ford shales — located in the Lower 48. The Lower 48, or the contiguous U.S., contributed over one million barrels of oil equivalent a day to ConocoPhillips’ output last year, according to the company. ConocoPhillips has proven reserves of 3.1 billion barrels of oil equivalent in the Lower 48.

Marathon Oil owns assets in Bakken, the Delaware Basin and Eagle Ford.

“This acquisition will add highly complementary acreage to ConocoPhillips’ existing U.S. onshore portfolio, adding over 2 billion barrels of resource with an estimated average point forward cost of supply of less than $30 per barrel WTI [West Texas Intermediate]”, ConocoPhillips said in the announcement of the agreement.

https://www.rigzone.com/news/marathon_o ... 3-article/

[energy_isere]

ConocoPhillips reports $2.3bn net income for Q4 2024 amid acquisition-related costs
The company’s Q4 2024 production rose to 2,183MBOED, marking an increase of 281MBOED compared to the same period in 2023

Swagath Bandhakavi 7th Feb 2025

https://www.nsenergybusiness.com/news/c ... s/?cf-view