TECHNICAL GUIDES
Overview
Properties

Mining

In-Situ

Upgrading

Products 


WEEKLY NEWSLETTER
Sign-up for the latest oil sands news, site updates and what's moving energy markets, delivered to your inbox every week-end:

WE RESPECT YOUR PRIVACY
Opt out anytime by clicking "UNSUBSCRIBE" at the bottom of the newsletter.
ConocoPhillips delivers another strong quarter and boosts dividend by 6%

ConocoPhillips delivers another strong quarter and boosts dividend by 6%

ConocoPhillips reported Q3 revenues of $2.7 billion, up from $2.5 billion for the same time last year. Sale of a Nigerian business unit contributed $1.4 billion to the bottom line. The company boosted its quarterly dividend again this quarter by 5.8%.

Total production in the third quarter was reported at 1,473 million barrels of oil equivalent (boe) per day. The company has a strong presence in the Eagle Ford and Bakken shale, which saw a production increase of 33% over the same period last year. The company realized a sale price of $64.78 per boe versus $69.68 for Q3-2013. ConocoPhillips plans to spend $16 billion in capital projects next year, down from $16.7 billion spent in 2014.

Canadian production in Q3 was reported at 276,000 boe per day. Phase F of Foster Creek saw first production in September, and is expected to ramp up to full production rates within 12 to 18 months. Foster Creek is a 50/50 joint ventures with Cenovus.

The company reported that their Surmont 2 SAGD facility remains on track for first steam in mid-2015. Once operational, the Surmont facility will have a total capacity of 136,000 bpd (Phase 1 & 2). The company submitted an application to build Surmont 3 in the previous quarter, which would add another 125,000 bpd through three-stages. Surmont is a 50/50 joint venture with Total E&P Canada.

 
CONOCOPHILLIPS OIL SANDS LEASES IN ALBERTA (courtesy ConocoPhillips Canada)

CONOCOPHILLIPS OIL SANDS LEASES IN ALBERTA (courtesy ConocoPhillips Canada)

 

ConocoPhillips is the largest independent oil and gas producer in the world. The stock is listed on the NYSE (NYSE:COP) and currently yields a dividend of over 4%.

Canadian energy giant Suncor posts a strong third quarter for 2014

Canadian energy giant Suncor posts a strong third quarter for 2014

MEG Energy reports higher oil production in Q3 but fails to turn a profit

MEG Energy reports higher oil production in Q3 but fails to turn a profit

0