Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  ConocoPhillips    COP

CONOCOPHILLIPS

(COP)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Oil Producers Evacuate Nonessential Staff From U.S. Gulf as Storm Nears

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/23/2012 | 02:42pm EDT

--Companies are the latest to evacuate nonessential U.S. Gulf personnel

--BP and Apache are two of the largest producers in Gulf

--Most companies have not yet shut in production

(Updates with ConocoPhillips information in first and fifth paragraphs and storm details in seventh paragraph)

BP PLC (BP, BP.LN), ConocoPhillips (>> ConocoPhillips) and Apache Corp. (>> Apache Corporation) are starting to evacuate nonessential personnel from their Gulf production platforms as a storm system in the region edges north, the companies said Saturday.

BP, by far the largest oil and gas producer in the deep-water Gulf of Mexico, is the latest to start withdrawing workers from the offshore region as the large storm system is forecast to have a 90% chance of transforming into a tropical cyclone within the next two days, according to National Hurricane Center forecasts. The London-based oil company operates four of the seven largest oil and gas platforms in the Gulf, which produced a combined 410,000 barrels of oil equivalent a day in 2010.

"We will begin evacuating nonessential personnel from BP-operated facilities in the Gulf, as well as taking other precautions to safeguard our offshore workforce and operations," BP spokesman Brett Clanton said. The company is also "taking precautions" at its 406,000 barrel-a-day refinery in Texas City, Texas, Clanton added. The refinery is the second largest in the state after Exxon Mobil Corp.'s (XOM) 560,000 barrel-a-day refinery in Baytown, Texas.

Apache said it is evacuating nonessential workers from its operations in the Central Gulf East but has not yet shut in any production. Apache is the largest producer in the shallow waters off the Gulf, having produced about 44,000 barrels of oil a day and 600 million cubic feet of natural gas a day there in 2010.

ConocoPhillips said it evacuated nonessential personnel from its Magnolia platform, one of the company's smallest in the Gulf.

BHP Billiton Ltd. (BHP, BHP.AU) Friday shut in production at two of its U.S. Gulf wells, while Anadarko Petroleum Corp. (APC), Marathon Oil Corp. (>> Marathon Oil Corporation), Murphy Oil Corp. (MUR) and Royal Dutch Shell Plc. (RDSA, RDSA.LN) started evacuating nonessential staff from their production platforms. Oil and gas companies employ thousands of workers on production platforms scattered throughout the Gulf.

Tropical storms and hurricanes can be disruptive to the U.S. Gulf's massive energy infrastructure. The current ill-defined group of storms--Disturbance 11--is bringing winds of up to 29 miles an hour near the Louisiana coast and could form into a tropical depression or tropical storm by the end of the weekend, according to the National Hurricane Center.

Gulf of Mexico federal offshore production accounts for 29% of oil and 12% of gas production in the U.S., down from about 30% for oil and 17% for gas in 2005, according to the U.S. Energy Information Administration.

As of March, federal offshore production from the Gulf was 1.4 million barrels of oil a day and 4.4 billion cubic feet of gas a day, down from its peak of 1.7 million barrels of oil a day and 6.3 billion cubic feet of gas a day in 2010.

Write to Ben Lefebvre at ben.lefebvre@dowjones.com

Stocks mentioned in the article : ConocoPhillips, Marathon Oil Corporation, Apache Corporation
Stocks mentioned in the article
ChangeLast1st jan.
APACHE CORPORATION -1.49% 34.49 Delayed Quote.31.39%
BHP BILLITON PLC 0.00%End-of-day quote.0.00%
BHP GROUP LTD 1.65% 37.59 End-of-day quote.8.03%
BP 0.81% 558.5 Delayed Quote.11.70%
CONOCOPHILLIPS -0.38% 67.35 Delayed Quote.8.02%
MURPHY OIL CORPORATION -0.33% 30.15 Delayed Quote.28.90%
ROYAL DUTCH SHELL 0.41% 28.355 Delayed Quote.10.52%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CONOCOPHILLIPS
03/14CONOCOPHILLIPS : Venezuela to pay $8.7B compensation to ConocoPhillips
AQ
03/12EXCLUSIVE : Pompeo to meet oil executives, push U.S. crude exports, Iran policy ..
RE
03/12Venezuela's Guaido moves to re-open energy industry - document
RE
03/12CONOCOPHILLIPS : Venezuela to pay $8.7B compensation to ConocoPhillips
AQ
03/11CONOCOPHILLIPS : - International Arbitration Tribunal Orders Venezuela to Pay Co..
AQ
03/11CONOCOPHILLIPS : Venezuela to pay $8.7B compensation to ConocoPhillips
AQ
03/08CONOCOPHILLIPS : Venezuela must pay Conoco over $8 billion - World Bank
RE
03/08WORLD BANK : Venezuela must pay Conoco more than $8 billion
AQ
03/08CONOCOPHILLIPS : Arbitrator Awards ConocoPhillips More Than $8 Billion In Venezu..
DJ
03/08CONOCOPHILLIPS : Arbitrator Awards ConocoPhillips More Than $8 Billion In Venezu..
DJ
More news
Financials ($)
Sales 2019 35 522 M
EBIT 2019 7 169 M
Net income 2019 4 192 M
Debt 2019 8 595 M
Yield 2019 1,84%
P/E ratio 2019 19,10
P/E ratio 2020 15,35
EV / Sales 2019 2,40x
EV / Sales 2020 2,11x
Capitalization 76 697 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 OUTPERFORM
Number of Analysts 22
Average target price 77,8 $
Spread / Average Target 15%
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
Harald Johan Norvik Independent Director
Robert A. Niblock Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CONOCOPHILLIPS8.02%76 697
CNOOC LTD13.98%79 694
EOG RESOURCES INC.5.40%53 318
OCCIDENTAL PETROLEUM CORPORATION6.66%50 227
CANADIAN NATURAL RESOURCES LTD13.51%33 709
OIL AND NATURAL GAS CORPORATION LTD3.17%28 366