Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  ConocoPhillips    COP

CONOCOPHILLIPS

(COP)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

ConocoPhillips will not chase expensive Permian deals, CEO says

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/14/2019 | 12:23pm EDT
FILE PHOTO: Ryan Lance, Chairman and CEO of ConocoPhillips speaks at CERAWEEK in Houston

HOUSTON (Reuters) - ConocoPhillips Chief Executive Officer Ryan Lance on Tuesday repeated a pledge to restrain spending, saying the U.S. oil producer would not be drawn into pricey mergers and acquisitions.

ConocoPhillips plans to keep its capital spending at around $6 billion this year, Lance told shareholders at the company's annual meeting. ConocoPhillips has won billions of dollars in arbitration awards over the expropriation of its assets in Venezuela and posted a first-quarter profit that topped estimates.

"We're sticking to our plan," Lance said.

Rival Occidental Petroleum Corp last week agreed to buy rival Anadarko Petroleum Corp for $38 billion in a deal that includes expensive financing from billionaire Warren Buffett. The deal keeps Anadarko's prime position in the Permian Basin of West Texas and New Mexico out of the grasp of Chevron Corp, which had sought to buy it for $33 billion.

"Do we wish we were larger in the Permian? Sure," Lance said. "It has to be competitive in the portfolio and that's a high bar."

ConocoPhillips will continue to do small deals that add neighboring properties to its portfolio, buy royalty interests and add smaller assets - for which it spent about $1 billion last year. The company holds around 800,000 acres in the Permian Basin, including shale and conventional properties.

"The big corporate M&A that requires these very large premiums that we've seen here in the last month or so, those are very tough," Lance said. "Those are hard to do. Those are destructive to value. They're destructive to returns."

The company also does not intend to wade back into deepwater Gulf of Mexico projects because they are not cost competitive, Lance said following the shareholder meeting.

"I wouldn't expect us to be going anytime soon into an area that we don't think is competitive with our current portfolio," Lance said.

The company expects to expand its production and increase its dividend, even if oil prices fall below $40 per barrel, Lance said, and is positioned to weather "the ups and downs of our business."

Its shares jumped 2.6 percent to $62.76 on Tuesday.

(Reporting by Jennifer Hiller; Editing by Jeffrey Benkoe)

By Jennifer Hiller

Stocks mentioned in the article
ChangeLast1st jan.
ANADARKO PETROLEUM 0.00%End-of-day quote.65.99%
BERKSHIRE HATHAWAY INC. 0.02% 313270 Delayed Quote.2.38%
CHEVRON CORPORATION -0.53% 114.74 Delayed Quote.5.47%
CONOCOPHILLIPS -1.06% 53.95 Delayed Quote.-13.47%
LONDON BRENT OIL -0.41% 58.72 Delayed Quote.9.05%
OCCIDENTAL PETROLEUM CORPORATION 0.30% 40.45 Delayed Quote.-34.10%
WTI -0.19% 53.24 Delayed Quote.16.30%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CONOCOPHILLIPS
10/16CONOCOPHILLIPS : Ex-dividend day for
FA
10/14Energy Down On Trade-Deal Skepticism -- Energy Roundup
DJ
10/14CONOCOPHILLIPS : Announces Agreement to Sell Interests in Australia-West for $1...
AQ
10/14Stocks to Watch: ConocoPhillips, General Motors, Boeing, Deere and Aecom
DJ
10/14Stocks to Watch: Hexo, Caledonia Mining, ConocoPhillips, General Motors, Boei..
DJ
10/13ConocoPhillips Selling Northern Australia Assets for $1.39 Billion -- Update
DJ
10/13Santos Buys ConocoPhillips's Northern Australia Assets
DJ
10/07Fox, ConocoPhillips advance while Intersect, Broadcom slip
AQ
10/07CONOCOPHILLIPS : Raises Quarterly Dividend by 38% to 42 Cents
DJ
10/07CONOCOPHILLIPS : Announces 38 Percent Increase in Quarterly Dividend; Expects to..
BU
More news
Financials (USD)
Sales 2019 34 577 M
EBIT 2019 8 268 M
Net income 2019 5 180 M
Debt 2019 5 927 M
Yield 2019 2,43%
P/E ratio 2019 11,4x
P/E ratio 2020 15,8x
EV / Sales2019 1,90x
EV / Sales2020 2,08x
Capitalization 59 892 M
Chart CONOCOPHILLIPS
Duration : Period :
ConocoPhillips Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CONOCOPHILLIPS
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 20
Average target price 72,89  $
Last Close Price 53,95  $
Spread / Highest target 59,4%
Spread / Average Target 35,1%
Spread / Lowest Target 11,2%
EPS Revisions
Managers
NameTitle
Ryan M. Lance Chairman & Chief Executive Officer
Matthew J. Fox Chief Operating Officer & Executive Vice President
Donald Evert Wallette Chief Financial Officer & Executive Vice President
Robert A. Niblock Lead Independent Director
Jody L. Freeman Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CONOCOPHILLIPS-13.47%59 892
CNOOC LIMITED-2.30%67 636
EOG RESOURCES INC.-26.11%37 398
OCCIDENTAL PETROLEUM CORPORATION-34.10%36 182
CANADIAN NATURAL RESOURCES LIMITED0.76%30 034
OIL AND NATURAL GAS CORPORATION LTD-4.27%25 399