Basell USA, ConocoPhillips sign PP marketing agreement
ConocoPhillips Opts Out of Yanbu Refinery Investment
ConocoPhillips to Separate into Refining & Marketing and Exploration & Production Publicly Traded Companies
ConocoPhillips’ Board of Directors Approves Spin-off of Phillips 66
ConocoPhillips Merger Completed
ConocoPhillips has completed the merger of Conoco Inc. and Phillips Petroleum Company, following clearance by the U.S. Federal Trade Commission earlier today. Shareholders of both companies and all U.S. and foreign regulatory authorities cleared the merger earlier this year.
Phillips Shareholders Approve Merger with Conoco
The shareholders of Phillips Petroleum Company voted to approve the proposed merger of equals with Conoco during a special meeting held here today.
Conoco and Phillips Agree to Merger of Equals
$35 Billion Strategic Combination Creates Third-Largest Integrated U.S. Energy Company
Conoco Inc. and Phillips Petroleum Company today announced that their boards of directors have unanimously approved a merger of equals, and that the companies have signed a definitive merger agreement. The new company, which will be named ConocoPhillips, will be a strong competitor with enhanced returns and accelerated growth opportunities from an excellent financial and operational position.
Basell USA, ConocoPhillips sign PP marketing agreement
Basell USA Inc and ConocoPhillips announced Tuesday the signing of an agreement under which Basell will be the exclusive purchaser and marketer of the polypropylene resins produced at ConocoPhillips' new Bayway plant in Linden, NJ The 775-mil lb/yr plant is scheduled to start up early next year.
April 21, 2010
ConocoPhillips has informed the Saudi Arabian Oil Company (Saudi Aramco) it will end participation in the new refinery project being built in Yanbu Industrial City.
"The quality of Saudi Aramco as a partner and significantly reduced capital costs from the recent re-bidding process made it a very difficult decision for us," said Willie Chiang, senior vice president, Refining, Marketing and Transportation, ConocoPhillips. "We ultimately decided this project was not consistent with our current strategy to reduce our downstream footprint. We value and look forward to continuing our relationship with Saudi Aramco."
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 30,000 employees, $153 billion of assets, and $149 billion of revenues as of December 31, 2009.
ConocoPhillips Pursuing Plan to Separate into Two Stand-Alone, Publicly Traded Companies
Plan creates two leading, independent energy companies
Consistent with ConocoPhillips’ previously stated strategies and focus on value creation for its shareholders, ConocoPhillips’ board of directors has approved pursuing the separation of the company’s Refining & Marketing and Exploration & Production businesses into two stand-alone, publicly traded corporations via a tax-free spin of the refining and marketing business to ConocoPhillips shareholders.
Following the completion of the proposed separation, ConocoPhillips will be a large and geographically diverse pure-play 専業 exploration and production company with strong returns and investment opportunities. The company’s strategy of enhancing returns on capital through developing new resources, growing reserves and production per share, continuing the asset sale program and increasing shareholder distributions will not change.
As a separate company, the Refining and Marketing business of ConocoPhillips will be a leading pure-play independent refiner with a competitive and diverse set of assets. In addition to executing the company’s initiatives to improve downstream returns through portfolio rationalization and other operating efficiencies, the new downstream company will be able to further position its portfolio by pursuing transactions and investments across the value chain. Under the contemplated plan, both companies will be well positioned with financial strength and flexibility and experienced management teams committed to continued value creation.
"Consistent with our strategy to create industry-leading shareholder value, we have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies," said Jim Mulva, chairman and chief executive officer. "Both companies will continue to benefit from the size and scale of their significant high-quality asset bases and free cash flow generation, allowing them to invest and create shareholder value in a changing environment."
The separation of the companies is expected to be completed in the first half of 2012. Upon completion of the separation, Mulva intends to retire. Until that point, he will continue to serve as ConocoPhillips’ CEO and lead the separation efforts. The work to determine the detailed allocation of assets and liabilities, the management and governance of the companies, and the mechanics of completing the separation will begin immediately. Further details will be disclosed as they are determined over the next several months.
The contemplated separation of ConocoPhillips into two companies does not require a shareholder vote. The separation is subject to market conditions, customary regulatory approvals, the receipt of an affirmative IRS ruling, the execution of separation and intercompany agreements, and final board approval.
ConocoPhillips will hold a conference call and webcast at 8:30 a.m. EDT on July 14. Interested parties can get information regarding the conference call and webcast on the ConocoPhillips Investor Relations website, www.conocophillips.com/investor. Replays of the conference call and a transcript should be available later today.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,600 employees, $160 billion of assets, and $226 billion of annualized revenues as of March 31, 2011.
ConocoPhillips’ Board of Directors Approves
Spin-off of Phillips 66
ConocoPhillips announced today that its board of directors has given final approval for the spin-off of its downstream businesses. The resulting upstream company will keep the ConocoPhillips name and will be led by Chairman and CEO Ryan Lance. The downstream company, led by Chairman and CEO Greg Garland, will be known as Phillips 66. Both companies will be headquartered in Houston.
The two new companies will be separated through the distribution of shares of Phillips 66 to holders of ConocoPhillips common stock. This distribution is expected to occur after market close on April 30, 2012. ConocoPhillips shareholders will receive one share of Phillips 66 common stock for every two shares of ConocoPhillips common stock held at the close of business on the record date of April 16, 2012. Fractional shares of Phillips 66 common stock will not be distributed and any fractional share of Phillips 66 common stock otherwise issuable to a ConocoPhillips shareholder will be sold in the open market on such shareholder's behalf, and such shareholder will receive a cash payment with respect to that fractional share.
Following the distribution of Phillips 66 common stock, Phillips 66 will be an independent, publicly traded company, and ConocoPhillips will retain no ownership interest. Phillips 66 has received approval for the listing of its common stock on the New York Stock Exchange under the symbol PSX.
ConocoPhillips has received a private letter ruling from the Internal Revenue Service to the effect that, based on certain facts, assumptions, representations and undertakings set forth in the ruling, for U.S. federal income tax purposes, the distribution of Phillips 66 common stock and certain related transactions generally will not be taxable to ConocoPhillips or U.S. holders of ConocoPhillips common stock, except in respect to cash received in lieu of fractional share interests, which generally will be taxable to such holders as capital gain.
No action is required by ConocoPhillips shareholders in order to receive shares of Phillips 66 common stock in the distribution, and ConocoPhillips shareholders should retain their ConocoPhillips stock certificates. Shareholders entitled to receive the distribution will receive a book-entry account statement reflecting their ownership of Phillips 66 common stock, or their brokerage account will be credited for the shares.
ConocoPhillips expects that a "when-issued" public trading market for Phillips 66 common stock will commence on or about April 12, 2012 under the symbol PSX WI and will continue through the distribution date. ConocoPhillips also anticipates that "regular way" trading of Phillips 66 common stock will begin on the first trading day following the distribution date. In anticipation of this trading, the company will issue a first-quarter interim update to provide investors with an update on the company as well as market and operating conditions experienced during the first quarter of 2012. A full first-quarter earnings announcement is scheduled for April 23, 2012.
Beginning on or about April 12, 2012, and through the distribution date, it is expected that there will be two ways to trade ConocoPhillips common stock – either with or without the right to receive shares of Phillips 66 common stock. Shareholders who sell their shares of ConocoPhillips common stock in the "regular-way" market (that is, the normal trading market on the NYSE under the symbol COP) after the record date and on or prior to the distribution date will be selling their right to receive shares of Phillips 66 common stock in connection with the distribution. It is anticipated that shares of ConocoPhillips common stock will also trade ex-distribution (that is, without the right to receive the Phillips 66 distribution) during that period under the symbol COP WI. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling shares of ConocoPhillips common stock on or before the distribution date.
Prior to the distribution, ConocoPhillips expects to mail an information statement to all shareholders entitled to receive the distribution of shares of Phillips 66 common stock. The information statement will describe Phillips 66, including the risks of owning Phillips 66 common stock, and other details regarding the distribution.
Upon repositioning, Phillips 66 will offer a unique approach to downstream integration, comprising segment-leading refining and marketing, midstream and chemicals businesses, while ConocoPhillips will be the industry’s largest and most diverse global, pure-play, upstream company. The repositioning into two leading energy companies will help grow the value of both companies for shareholders by unlocking the potential of their assets and employees.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,800 employees, $153 billion of assets, and $245 billion of revenues as of Dec. 31, 2011. For more information, go to www.conocophillips.com.
ConocoPhillips today announced that it has entered into a set of agreements with PetroChina Company Ltd. (PetroChina) whereby PetroChina will acquire an interest in two Western Australia exploration assets and establish a Joint Study Agreement (JSA) for unconventional resource development in Sichuan Basin in China.
Under these agreements, which still require government and partner approvals, PetroChina will acquire a working interest in the Poseidon offshore discovery in the Browse Basin, and in the Goldwyer Shale in the onshore Canning Basin. In addition, ConocoPhillips will enter into a Joint Study Agreement to identify unconventional resource reserves in the Neijiang-Dazu Block（内江-大足）in China’s Sichuan Basin.
“ConocoPhillips is pleased that PetroChina has recognized the significant resource potential and value of the Australian opportunities. Likewise, ConocoPhillips recognizes the Sichuan Basin as having some of the most prospective marine shales in China and looks forward to working with one of the world’s leading energy companies,” said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning, ConocoPhillips. “The signing of these three agreements marks a significant step toward increased global collaboration between our companies.”
Under the terms of the agreement with ConocoPhillips, PetroChina will acquire working interest in the two Australian projects; specifically 20 percent of Poseidon in the Browse Basin and 29 percent of Goldwyer in the Canning Basin.
WA-314-P, WA-315-P and WA-398-P
Operator: ConocoPhillips (60.0% WA-315-P, WA-398-P / 10% WA-314-P)
Co-venturer: Karoon Gas (40.0% WA-315-P, WA-398-P / 90% WA-314-P)
The first well, Poseidon-1 in WA-315-P, was a discovery, and two subsequent wells, Poseidon-2 and Kronos-1 in WA-398-P, also successfully encountered hydrocarbons.
EP443, EP450, EP451 and EP456
Operator: New Standard Onshore (25.0%)
Co-venturer: ConocoPhillips (75.0%)
During 2011, ConocoPhillips executed an agreement to earn up to 75 percent working interest in the Goldwyer Shale Project, located in the Canning Basin onshore Western Australia. Drilling is expected to commence in 2012. Upon completion of the initial phase of the drilling program, ConocoPhillips will have the right to assume operatorship of the project.
Under the JSA, ConocoPhillips and PetroChina will study the potential for unconventional resource development in the approximately 500,000 acre Neijiang-Dazu Shale Block in the Sichuan Basin. The joint study will be an important step in evaluating the potential for unconventional resource exploration in the area. If technically and commercially viable, the companies will advance development under a production sharing contract, which would be agreed upon during the study period.
Todd Creeger, President, ConocoPhillips Australia-West said the agreement with PetroChina was significant for the company’s growth plans in both China and Australia. “We welcome PetroChina as a new joint venture participant in our Australian offshore and onshore exploration projects. We look forward to jointly delivering two successful assets,” Creeger said.
Jim Taylor, President, ConocoPhillips
China stated, “This is a great opportunity for ConocoPhillips to cooperate
with PetroChina in order to study the potential for unconventional resource
development here in China. We believe that the cooperation between the two
companies will form an important driver in promoting clean energy supply to
China and contributing to the country’s transition into a clean energy
Sep 20, 2016
Medco Energi to acquire ConocoPhillips
PT Medco Energi Internasional Tbk, an Indonesia-based oil and gas exploration and production company, has signed a share sale and purchase agreement to acquire ConocoPhillips Indonesia, Inc., Ltd. from ConocoPhillips Company, a US-based company engaged in exploration and production of liquids and natural gas.
ConocoPhillips Indonesia is a British Virgin Islands-based company that holds a 40% working interest in the South Natuna Sea Block B PSC, consists of producing oil and natural gas fields, and the operator of the West Natuna Transportation System.
| South Natuna Sea Block
Partners: ConocoPhillips (40.0%)
The 654-kilometre West Natuna Transportation
System is the first Singapore cross border sub-sea gas pipeline carrying gas
from the West Natuna Sea to Singapore
Concurrently, Medco Energi has signed a share sale and purchase to acquire ConocoPhillips Singapore Operations Pte., Ltd. from ConocoPhillips.
Both the transactions are expected to close in the fourth quarter of 2016.