ConocoPhillips is the smallest of the U.S.’s big three oil and gas producers, and 2016 seems to be the year it admitted it won’t get any bigger. Spinning off its refining and marketing operations into Phillips Petroleum has left it without a downstream hedge against low crude prices, causing a string of write-downs and quarterly losses. After a credit rating downgrade in April, CEO Ryan Lance made cutting the company’s $25 billion debt pile top priority, which suggests it won’t be heading to the bankruptcy courts with a glint in its eye in search of bargains in the shale sector. Nearly 10% of its production is bitumen, which requires expensive processing before it can be transported and sold. That means it’s squarely in harm’s way in the battle for market share being waged by low-cost OPEC producers. However, crude prices are now back above the $45 a barrel level where the company thinks it can sustain a dividend without taking on more debt.
News about ConocoPhillips
The official foreign exchange rate is now closer to the black market rate for dollars.
Government has to deal with the problem, said the judge. With the Trump EPA, that's unlikely.
The suit called for an abatement fund that would go toward cities affected by flooding.
Ryan Lance says one of the biggest challenges is retaining women in the industry.
A lawsuit claims they knew what they were doing to the planet.