Gulf Oil and Gas accountACCOUNT

Conoco Expanding Asset Sales

Source: Reuters 3/23/2011, Location: North America

ConocoPhillips said it will expand its planned sales of older, higher-cost assets by as much as $10 billion over the next two years, with proceeds earmarked to buy back stock.

The bigger sales helped boost the shares of the third-largest U.S. oil company by almost 2 percent on the New York Stock Exchange.

Conoco is executing a plan, announced in late 2009 and financed by asset sales, to increase returns for investors through debt reduction, stock buybacks and double-digit increases in dividends.

"They are looking to sell more assets and buy back more shares, which is a positive," Allen Good, oil analyst at Morningstar, said. "They set these plans several years ago and they are sticking to them and expanding them."

The oil company initially planned to sell $10 billion assets, but had already collected $7 billion by the end of 2010. Conoco said on Wednesday it plans to market an additional $5 billion to $10 billion in oil and gas properties on top of the $7 billion it already sold.

Conoco's board approved a $10 billion share repurchase plan in February, but in a meeting with analysts on Wednesday, Chief Executive Officer Jim Mulva said there was an opportunity to "really ramp up" share repurchases.

Annual spending will rise as high as $15 billion over the next several years as Conoco invests in exploration and production projects, including Asia Pacific liquefied natural gas in Australia, oil sands in Canada and shale drilling in South Texas.

Capital expenditures this year are forecast at $13.5 billion.

Acquisitions and Divestitures News in United States >>

United Kingdom >>  2/21/2019 - UK Oil & Gas PLC has completed the previously announced acquisition of the 6% shareholding in Horse Hill Developments Ltd ("HHDL") from Doriemus PLC. ...
Australia >>  2/18/2019 - Santos has announced it had reached an agreement to align the company’s interests, under Santos operatorship, across four exploration permits in the B...

Indonesia >>  2/18/2019 - Andalas Energy and Power has provided an update in relation to its proposed acquisition of an interest in the Bunga Mas production sharing contract ('...
Egypt >>  2/15/2019 - Eni has been granted by Egyptian Authorities two exploration blocks onshore Egypt. The first block, “South East Siwa” (Eni 100%), has been assigned wi...

Thailand >>  2/15/2019 - PTT Exploration and Production Public Company Limited (PTTEP) disclosed that its subsidiary, PTTEP SP Limited, signed the Share Purchase Agreement (SP...
Australia >>  2/14/2019 - On 25 January 2019, Vintage Energy Ltd received Ministerial consent, the final condition precedent of the Sale and Purchase Agreement between Vintage ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 |

More News

Related Links

CA US
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.