|Bid||65.43 x 900|
|Ask||65.42 x 1200|
|Day's Range||65.23 - 66.16|
|52 Week Range||50.18 - 80.24|
|Beta (3Y Monthly)||1.48|
|PE Ratio (TTM)||12.95|
|Forward Dividend & Yield||1.22 (1.84%)|
|1y Target Est||N/A|
East Timor's president has vetoed a government bid to increase access to its petroleum fund for investment in energy projects, potentially delaying a $650 million buyout of Royal Dutch Shell and ConocoPhillip's holdings in the Greater Sunrise gas project. President Francisco Guterres said in a statement to journalists at the presidential palace in Dili this week he had vetoed the decree, and called for the proposal to be revised. "This veto aims to prevent the over-stretching of the Petroleum Fund's direct investment rules and policies," Guterres said, among other issues.
On December 12, US crude oil January futures fell 1% and closed at $51.15 per barrel. The market wasn’t expecting a decline of 1.2 million barrels in US crude oil inventories for the last week, which might have dragged oil prices. OPEC and its allies’ production cut might not have boosted the bullish sentiment for oil prices, which we discussed in the previous part.
On December 5–12, our list of oil-weighted stocks rose 7.4% compared to the 3.3% fall in US crude oil January futures. On average, our list of oil-weighted stocks underperformed US crude oil prices. All of the oil-weighted stocks closed in the red during this period.
DUBAI/DOHA (Reuters) - Even before taking over Qatar's energy policy in a government reshuffle last month, Qatar Petroleum (QP) CEO Saad al-Kaabi had long wanted the Gulf state to leave OPEC. Kaabi was concerned OPEC membership could be a stumbling block for QP's ambitions in the United States, where it has one of the world's biggest LNG terminals, and a distraction as Doha doubles down on gas production, three industry sources said. Proposed U.S. legislation known as NOPEC (No Oil Producing and Exporting Cartels Act) could expose members of the oil exporters club to antitrust lawsuits, a risk for QP at a time it is planning to invest billions more in the United States.
ConocoPhillips set its capital budget for 2019 on Monday, saying it plans to spend $6.1 billion, or roughly the same as will be spent by end 2018. The energy company said it is increasing its target payout to shareholders to more than 30% of cash from operations, up from 20% to 30%. The company is expecting to buy back $3 billion of its own stock. It expects 2019 production to range from 1,300 thousand barrels of oil equivalent per day (MBOED) to 1,350 MBOED. "We are running our business for sustained through-cycle financial returns, which is necessary for attracting investors back to the E&P sector," Chief Executive Ryan Lance said in a statement. "We believe we have designed ConocoPhillips to offer investors both resilience to lower prices and participation in higher prices via an approach that rations capital across a low cost of supply portfolio, competes on per-share versus absolute growth, and pays out a significant portion of cash from the business to shareholders." Shares rose about 1% premarket, and have gained 20% in 2018, while the S&P 500 has fallen 1.5%.
For 2019, ConocoPhillips (COP) expects production between 1,300 MBOED to 1,350 MBOED, up 5% on a pro-forma basis from the midpoint.
The cost of shale production has fallen so much since then that it’s becoming a safe haven for major oil companies in times of volatile prices, providing rapid, reliable growth and quick returns even with crude down by almost a third since the start of October. Oil traded 2.1 percent higher at $52.09 a barrel at 9:20 a.m. in New York. The U.S. shale sector has helped boost American production to an average of 10.9 million barrels a day this year, the most on record.
Canada's Cenovus Energy Inc said on Tuesday it would reduce its capital spending for 2019 by 4 percent amidst a broader turnaround plan following its highly criticized deal with ConocoPhillips. The company ...
* Spanish energy company Repsol SA has submitted a proposal to operate Indonesia's Corridor natural gas block which is currently being operated by ConocoPhillips, Dwi Soetjipto, chairman of Indonesia's ...
Futures fell 3.1 percent in New York, evaporating all the gains from last week’s pact between Russia, Saudi Arabia and other top producers to crimp supplies. While the alliance known as OPEC+ agreed to slash about 1 percent of global production, it remains uncertain exactly how the cutbacks will be implemented, analysts at Goldman Sachs Group Inc. and Morgan Stanley noted. “You can see how the numbers could work out, but it’s not a startling, oh-my-God cut,” said Michael Hiley, head of OTC energy trading at LPS Futures in New York.
ConocoPhillips (NYSE: COP) has been around since 1875 in one form or another, so it has a lot of experience dealing with the booms and busts in the energy patch. COP stock is up 32% in the past year and that includes all the mess that we’ve been in recently. It’s an odd time in the energy patch, given that prices for oil are very low yet we’re technically in a recovery.
The plan will allow ConocoPhillips produce 1.3 million to 1.35 million barrels per day and to generate free cash flow as long as WTI oil prices remain above $40 per barrel.
Oil and gas producer Hess Corp and Conocophillips both expect production for 2019 to be higher than this year even as they spend roughly the same amount of money on exploration, the companies said on Monday. Hess said the lion's share of its 2019 capital expenditure will go towards exploration in Guyana and Bakken. Conoco will spend most of its capex in Alaska and Canada, it said.
Troll Phase 3 is considered one of Equinor's (EQNR) most profitable and flexible projects with a break-even of less than $10 per barrel.
plans $6.1 billion of capital expenditures in 2019, the oil and gas giant said Monday, which is about the same amount the Houston-based company will spend by the end of 2018. The 2019 capital budget includes funding for ongoing conventional and unconventional development drilling programs, major projects, exploration and appraisal activities, and base maintenance activities. The 2019 capital budget doesn't reflect potential dispositions that may occur in the year, the company said.
The recent oil downturn is the perfect example of why Exxon is a better dividend stock than ConocoPhillips.
Matt Smith, director of commodity research at Clipper Data, joins the 'Squawk Box' team to break down the latest developments in the energy market.