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ConocoPhillips (COP) expects company-wide capital expenditures of $7.2 billion for 2022, which includes $700 million associated with the Permian asset acquisition.
Debuting as one of the largest IPOs in history, Conoco merged with the Phillips Petroleum Company to form ConocoPhillips in the early 2000s. [28] [29] Similar to Marathon's business strategy, ConocoPhillips would later divest its downstream assets into a new company titled Phillips 66, which currently controls the original Conoco brand name. [30]
In June 2022, ConocoPhillips became one of the stakeholders in the joint venture with QatarEnergy for the North Field East (NFE) expansion, holding 3.125%, as well as holding 6.25% stakes in the North Field South (NFS), a second phase expansion of the NFE. [58] The NFE expansion is expected to begin production by 2025, and the NFS later in 2028 ...
ConocoPhillips is less frequently counted as one of the Big Oil companies due to spinning off its downstream division into Phillips 66. [12] [41] Additionally, ConocoPhillips in 2022 ranked lower than any of the six major Big Oil companies on the Fortune Global 500, and its revenue was superseded by Phillips 66 in 2022. [42]
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ConocoPhillips also forecast average production of about 1.8 million barrels of oil equivalent per day in 2022, a low-single-digit percentage growth from 2021. ConocoPhillips forecasts 16% rise in ...
In April 2022, it was announced that Diversified Energy had acquired "certain East Texas upstream assets and related facilities" from a private seller for $50 million USD in cash. [6] In September 2022 Diversified Energy acquired certain upstream assets and related facilities from ConocoPhillips Company for $240 million. [7]
The award involves interest that raises the amount owed to ConocoPhillips (COP) by at least $1 billion. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ...