$49.12 | 7/27/2017 | 07/27/2016 | 07/27/2015 | 07/27/2014 | 07/27/2012 |
---|---|---|---|---|---|
Active Rigs | 60 | 35 | 73 | 193 | 207 |
Seven permits renewed:
- Petro-Hunt (6): six Maverick permits in McKenzie County
- Denbury: one CHSU ML permit in Bowman County
***********************************
COP 2Q17 Earnings Conference Call
Link here: https://seekingalpha.com/article/4091576-conocophillips-cop-q2-2017-results-earnings-call-transcript?part=single.
Asset sales program this year, update
- closed the previously announced Canadian transaction
- announced the sale of their San Juan Basin and Barnett shale assets
- announced an agreement for the sale of our Panhandle assets
- progressing on the sale of their Anadarko position
- asset sales: $16 billion this year
Operations
- made money on $50 Brent
- fourth consecutive quarter where operating cash flow more than covered our CAPEX and dividend
- able to generate free cash flow at oil prices in the $45 - $50 / bbl range
- plays mentioned in this order: Eagle Ford, Bakken, Permian, Barnett, Niobrara
- 12 development rigs: Eagle Ford (5), Bakken (4), Permian (3)
- recently added a sixth rig in the Eagle Ford
Q: great question: proceeding too quickly in unconventional?
A: COP agrees; COP is not moving into manufacturing mode until they understand the geology/completion strategies better, but that doesn't mean they are slowing down
Q: Permian or Eagle Ford
A: Eagle Ford infrastructure in place; not so, in the Permian; in the Permian, COP has to make additional significant commitments to infrastructure in order to expand there
Q; manufacturing mode, when?
A: 2019, most likely; possible as late as 2020
Q: flexibility if oil trends down again?
A: yes
********************************
Sophia In Southern California
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.