Conoco News - 2010

News summaries from CONOCOPHILLIPS press releases and from unaffiliated news agencies are provided below. The summaries are sorted by month and are further categorized as upstream news, downstream news, and business/finance news.

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January

• Upstream news:

- ConocoPhillips [NYSE: COP] announced the second phase of the Surmont project, a Canadian oil sands steam-assisted gravity drainage (SAGD) facility. Phase 2, slated to begin initial construction in 2010, will increase Surmont's gross production capacity from 27,000 to 110,000 barrels per day. Surmont is located approximately 63 kilometers southeast of Fort McMurray, Alberta, in the Athabasca oil sands region. Surmont is operated by ConocoPhillips Canada and is a 50/50 joint venture with Total E&P Canada. Phase 2 is scheduled to begin production in 2015.

- ConocoPhillips [NYSE:COP] and Statoil USA E&P [NYSE:STO] announced that they have entered into a deal for Statoil to acquire a 25 percent working interest in 50 ConocoPhillips leases acquired in the Chukchi Sea federal OCS lease sale in 2008. ConocoPhillips will be retaining operatorship and majority working interest in these leases. Statoil and ConocoPhillips have conducted joint operations for more than 30 years on the Norwegian continental shelf (NCS). Their NCS operating experience has allowed both companies to gain extensive expertise in tackling harsh environments as well as develop new technology to enhance recovery from existing fields.

• Downstream news:

• Business/Finance news:

- ConocoPhillips announced that it will contribute $1 million to the American Red Cross to assist in disaster relief efforts arising from the recent earthquake in Haiti. This assistance is in addition to contributions and volunteer efforts already being made by various employee groups at the company.

- Total fourth-quarter production on a barrel-of-oil equivalent (BOE) per day basis, excluding LUKOIL, is anticipated to be approximately 1.83 million BOE per day. Full-year 2009 production is expected to be 1.85 million BOE per day, or more than 3 percent higher than full-year 2008. Exploration expenses are expected to be approximately $325 million before-tax for the quarter.

- ConocoPhillips [NYSE:COP] reported fourth-quarter adjusted earnings of $1.7 billion. For the quarter, cash from operations was $5.1 billion, which was used to fund capital of $3.1 billion and pay dividends of $0.7 billion. Debt was reduced to $28.7 billion, resulting in a year-end debt-to-capital ratio of 31 percent. Full-year 2009 production in Exploration and Production (E&P) was 1.85 million barrels of oil equivalent (BOE) per day, compared with 1.79 million BOE per day in 2008. The increase was mainly due to approximately 125,000 BOE per day of new production from major oil project developments in the United Kingdom, China, Canada, Norway, Vietnam and Russia. Production also increased due to lower unplanned downtime and reduced impacts from production sharing arrangements, partially offset by base field decline and increased planned downtime. For the year, total production including the company’s share of LUKOIL was 2.29 million BOE per day.

- ConocoPhillips [NYSE:COP] announced that Clayton Reasor, vice president, Corporate Affairs, will speak to investors and securities analysts at the Credit Suisse 2010 Energy Summit on Thursday, February 4, at 7 a.m. Mountain in Vail, CO.

February

• Upstream news:

- ConocoPhillips [NYSE:COP] announced 2009 preliminary net proved reserve additions of approximately 1.216 billion barrels of oil equivalent (BOE), including equity affiliates. The company’s reserve replacement ratio was 141 percent, based on 865 million BOE of production, including fuel gas. ConocoPhillips’ total proved reserves at year-end 2009 were 10.326 billion BOE. Year-end proved reserves include 248 million barrels associated with the company’s Canadian Syncrude operations, now required under recent changes in the U.S. Securities and Exchange Commission (SEC) regulations. The company’s organic reserve replacement ratio, excluding Syncrude as well as sales and acquisitions, was 110 percent.

• Downstream news:

• Business/Finance news:

- ConocoPhillips [NYSE:COP] announced a quarterly dividend of 50 cents per share, payable March 1, 2010, to stockholders of record at the close of business February 22, 2010.

- The board of directors of ConocoPhillips [NYSE:COP] has elected Robert A. Niblock as a new outside director. The election of Mr. Niblock increases the total number of ConocoPhillips directors to 14, of which 13 are outside directors.

- The entire ConocoPhillips family is deeply saddened and will greatly miss ConocoPhillips Alaska President Jim Bowles, who has served our company with distinction. Jim died and fellow employee Alan Gage is missing following an avalanche while snow machining on Feb.13 on Alaska’s Kenai Peninsula. Jim Bowles has led our Alaska organization and its some 900 employees since late 2004 and presided over a number of developments that ensured our company’s place and standing in Alaska and will serve as a legacy to his leadership as we go forward.

- ConocoPhillips [NYSE: COP] announced that it will not be renewing its membership in the U.S. Climate Action Partnership (USCAP). This action enables the company to better focus its efforts on ensuring fair and equitable treatment of the transportation sector and its consumers and on expanding opportunities for greater near-term GHG reductions through increased use of natural gas.

- Three large corporations are quitting the Climate Action Partnership, a group in Washington that has sought to find common ground among corporations and environmental groups in battling global warming. The three companies cited concerns over the direction that climate change legislation has taken in Congress. Oil companies are particularly upset about concessions Congress has made to the coal and utility industries. In separate statements, BP America, ConocoPhillips and Caterpillar said that they were discontinuing membership in the lobbying group, which includes corporate giants like Alcoa and DuPont, and influential environmental organizations like the Nature Conservancy and the Environmental Defense Fund. In a statement that played down the significance of the departures, the Climate Action Partnership said that ''all three companies have provided invaluable assistance, expertise and significant commitments of time and resources'' in seeking to advance climate legislation. In the proposed legislation, Congress granted free emission allowances to coal-burning utilities to forestall the possibility of huge increases in electric bills. Oil companies, by contrast, would have to pay for their emissions if the bill became law, most likely driving up the price of gasoline. (The legislation is stalled at the moment on Capitol Hill, though the Obama administration is trying to revive it.) James J. Mulva, the chief executive of ConocoPhillips, said that ''House climate legislation and Senate proposals to date have disadvantaged the transportation sector and its consumers, left domestic refineries unfairly penalized versus international competition, and ignored the critical role that natural gas can play in reducing'' greenhouse gas emissions. BP echoed that view, with a spokesman, Ronnie Chappell, saying the company believes it can do more to influence the outcome of pending House and Senate legislation on its own. ''Our views are that there are segments of the economy that are largely untouched or aren't carrying as big a piece of the burden that they might,'' he said. Caterpillar said it would spend its energy on new technologies that could help to cut emissions.

- Setting a new race record, more than 12,500 participants took part in the 23rd annual ConocoPhillips Rodeo Run. This year’s race saw an increase of 17 percent over last year’s event and raised $310,000 for the Houston Livestock Show and Rodeo™ Educational Fund. Since the race began in 1988, the company has donated more than $2.5 million toward college scholarships for Texas youth.

March

• Upstream news:

• Downstream news:

• Business/Finance news:

- ConocoPhillips [NYSE:COP] will hold its annual analyst meeting Wednesday, March 24, 2010 at 8:30 a.m. Eastern in New York City. The meeting will feature presentations by ConocoPhillips executives, including Chairman and Chief Executive Officer Jim Mulva.

- ConocoPhillips [NYSE: COP] and Penn State University launched the 2010 ConocoPhillips Energy Prize, a competition that recognizes original and actionable solutions that can help improve the way the United States develops and uses energy. The competition, which began in 2008, awards up to $300,000 and recognizes innovative ideas and solutions in three areas: developing new energy sources, improving energy efficiency, and combating climate change. The ConocoPhillips Energy Prize will accept entries through May 21 and is open to all U.S. residents who are at least 18 years of age at the time of entry. Entrants must submit a comprehensive proposal via the Internet at www.conocophillips.com/energyprize or by mail.

- ConocoPhillips announced that Trond-Erik Johansen, currently president of its Southeast Asia Exploration and Production organization, will become president of its Alaska operations effective April 1. He replaces long-time ConocoPhillips Alaska President Jim Bowles, who died while snow machining on the Kenai Peninsula Feb. 13. Johansen, a native of Norway, joined ConocoPhillips in 1986 in Stavanger, Norway. He has held a variety of petroleum engineering, project engineering and operations leadership positions in Stavanger, Aberdeen, New Orleans, Houston and Jakarta. In 2008 he was named to his current position based in Singapore. Johansen has master’s degrees in petroleum engineering from the Norwegian Institute of Technology and in business administration from the Massachusetts Institute of Technology.

- ConocoPhillips [NYSE:COP] announced plans to increase shareholder value at its annual analyst meeting in New York. New information was provided regarding: asset sales; debt reduction; returns enhancement; growth of shareholder distributions through higher dividends; and a resumption of share repurchases. In addition to announcing plans to halve its equity ownership in LUKOIL, ConocoPhillips also provided details on how it intends to grow production per share and convert 10 billion barrels of oil equivalent (BOE) of resources into reserves over the next 10 years.

April

• Upstream news:

- ConocoPhillips [NYSE:COP] has decided to end its participation in developing the Shah Gas Field with Abu Dhabi National Oil Company (ADNOC). ConocoPhillips had considered holding a 40 percent ownership stake in the project.

- ConocoPhillips [NYSE:COP] announced that it has entered into definitive agreements with subsidiaries of Sinopec International Petroleum Exploration and Production Company (SIPC) to sell its 9.03 percent interest in Syncrude for $4.65 billion. The transaction is anticipated to close in the third quarter of 2010 once Canadian and Chinese government approvals are obtained. The sale of the Syncrude interest is just one part of ConocoPhillips’ plan to create value for shareholders through a continued focus on disciplined capital investment, a strengthened financial position, improved returns on capital, and growth in shareholder distributions.

• Downstream news:

- ConocoPhillips [NYSE:COP] announced the completion of an agreement with POSCO, a Korean steel manufacturing company, to use ConocoPhillips’ E-Gas™ Technology in POSCO’s Gwangyang coal-to-substitute natural gas (SNG) project. The project, located near POSCO’s Gwangyang steel mill near Gwangyang, Korea, will allow POSCO to produce 500,000 metric tons of pipeline quality SNG annually from the gasification of approximately 1.8 million tons of coal. Preliminary design work began in 2008 and site preparation is now underway.

- ConocoPhillips [NYSE:COP] has informed the Saudi Arabian Oil Company (Saudi Aramco) it will end participation in the new refinery project being built in Yanbu Industrial City.

• Business/Finance news:

- ConocoPhillips [NYSE:COP] will release its first-quarter earnings on Wednesday, April 28 at 8:30 a.m. Eastern. The news release will be issued through Business Wire. In addition, a conference call with members of the company's executive management will be held at 11 a.m. Eastern that day. ConocoPhillips will no longer provide interim guidance following the close of each quarter. Information regarding the results for a completed quarter will continue to be provided through ConocoPhillips' regular release of quarterly earnings.

- ConocoPhillips [NYSE:COP] will release its first-quarter earnings on Thursday, April 29 at 8 a.m. Eastern instead of Wednesday, April 28 as the company previously announced. The news release will be issued through Business Wire. In addition, a conference call with members of the company’s executive management will be held at 10 a.m. Eastern April 29.

- On April 22, 2010, Jim Mulva, Chairman and Chief Executive Officer of ConocoPhillips, held a company-wide town hall meeting with employees and provided an update on several of the company’s previously-announced strategic plans and initiatives, including the sale of its 9 percent interest in Syncrude, the planned disposition of a portion of its interest in LUKOIL and increases in shareholder distributions. Mr. Mulva noted that first quarter earnings were to be announced on April 29, 2010 and, although he could not discuss first quarter earnings until that time, preliminary indications were that the Company had achieved good operating and safety performance for the quarter and he thought results would be well-regarded by the financial community.

- ConocoPhillips [NYSE: COP] and GE Power & Water, a unit of General Electric Company [NYSE:GE], announced that HE Abdullah bin Hamad Al-Attiyah, Deputy Prime Minister and Minister of Energy and Industry, State of Qatar, officially opened the companies’ joint Global Water Sustainability Center (GWSC) in an inauguration ceremony in Doha, Qatar. The center, located at the Qatar Science and Technology Park (QSTP), will research and develop innovative water solutions primarily for the petroleum and petrochemical sectors, but also will focus on municipal and agricultural solutions. The inauguration was also attended by HE Dr. Mohammed Saleh Al-sada, the Qatari Minister of State for Energy & Industry Affairs; HE Dr. Ibrahim B. Ibrahim, Secretary General, the General Secretariat for Development Planning; Dr. Stephen R. Brand, senior vice president, Technology, ConocoPhillips; Christine Furstoss, chief technology officer – Water & Process Technologies, GE Power & Water; Dr. Tidu Maini, Science and Technology Advisor to Her Highness the Chairperson of Qatar Foundation, Executive Chairman of QSTP; Bill Bullock, ConocoPhillips president, Middle East and North Africa; and Dr. Samer Adham, managing director, GWSC.

- ConocoPhillips [NYSE:COP] reported first-quarter earnings of $2.1 billion, compared with first-quarter 2009 earnings of $0.8 billion. Excluding after-tax charges of $110 million for ending participation in the Shah and Yanbu projects, first-quarter 2010 adjusted earnings were $2.2 billion, or $1.47 per share. Production from the Exploration and Production (E&P) segment for the first-quarter of 2010 was 1.83 million barrels of oil equivalent (BOE) per day, compared with 1.93 million BOE per day in the same period in 2009. The decrease was mainly due to normal field decline, primarily in the United Kingdom, Lower 48 and Alaska; increased impacts from production sharing agreements, mostly in Asia Pacific; and unplanned downtime in the Lower 48 due to weather conditions. Increased production from China and Canadian oil sands partially offset the decrease.

- Higher oil prices raised quarterly profits for the Exxon Mobil Corporation and ConocoPhillips, but Exxon's earnings were hurt by weak refinery performance, higher-than-expected exploration costs and recently enacted health care legislation. Exxon's earnings fell below Wall Street forecasts, in stark contrast to BP and Royal Dutch Shell, which both exceeded market expectations when they released quarterly figures this week. Oil prices averaged nearly $79 a barrel in the first quarter, about $3 more than the previous quarter and sharply higher than the $43 average of the first quarter of 2009. That strength offset weak margins from Exxon and Conoco's refinery operations, which have been hurt by slow demand for fuels like gasoline and diesel because of the soft global economy. A steady rebound in many regions, however, is expected to pull up fuel demand later this year. Exxon's profit in the quarter rose 38 percent to $6.3 billion, or $1.33 a share. Wall Street analysts had expected Exxon to report a profit of $1.41 a share, according to Thomson Reuters. Jason Gammel, oil analyst at Macquarie Research, characterized Exxon's first-quarter profit as a ''pretty big miss,'' and attributed the bulk of the shortfall to Exxon's accrual for the health care legislation. A charge the company took against the health care legislation cut earnings by $200 million, or about 4 cents a share. The company's oil equivalent production rose 4.5 percent from a year ago, helped by its liquefied natural gas projects in Qatar, it said. But Exxon's downstream arm, which includes its refining and marketing operations, posted profits of $37 million, well off the $1.1 billion it earned a year ago. Shares of Exxon, which is based in Irving, Tex., fell 53 cents, to $68.66. Conoco's profits rose to $2.1 billion, or $1.40 a share, from $800 million, or 54 cents a share, but oil and gas output in terms of oil equivalent per day during the quarter fell to 1.83 million barrels, from 1.93 million barrels a year earlier. Revenue rose to $45.8 billion, from $31.2 billion. Conoco, which is in the middle of a plan to shore up returns and reduce debt by selling $10 billion in assets, said in its conference call that it expected oil and gas output to be lower for the next several quarters. Shares of Conoco, which is based in Houston, rose 55 cents, to $59.10. Conoco's chief executive, Jim Mulva, said the company may increase its 2010 spending plan from about $11 billion to $12 billion, with investments in assets like the Eagleford and Bakken Shales that bring higher returns.

May

• Upstream news:

• Downstream news:

• Business/Finance news:

- ConocoPhillips [NYSE:COP] will webcast its 2010 Annual Meeting of Stockholders on Wednesday, May 12, at 10 a.m. Eastern.

- ConocoPhillips announced that Jeff Sheets, currently senior vice president, Planning & Strategy, will become senior vice president, Commercial and Planning & Strategy. In this expanded role, he will assume responsibilities for global commercial activities in addition to his current planning and strategy responsibilities. Sheets will continue to report to Jim Mulva, chairman and chief executive officer, and will continue as a member of the ConocoPhillips management committee.

- ConocoPhillips [NYSE:COP] applauded Senators John Kerry (D-MA) and Joe Lieberman (I-CT) for their work in creating an effective sector approach framework for addressing U.S. greenhouse gas emissions, which was introduced on Capitol Hill.

- ConocoPhillips [NYSE:COP] announced that Clayton Reasor, vice president, Corporate and Investor Relations, will speak to investors and securities analysts at the UBS Global Oil and Gas Conference on Tuesday, May 25, at 11:55 a.m. Central in Austin, TX. Investors can access the live webcast of Reasor’s presentation at www.conocophillips.com/investor. An archived replay will be available shortly thereafter.

- ConocoPhillips [NYSE:COP] announced that Jim Mulva, chairman and chief executive officer, will speak to investors and securities analysts at the Sanford Bernstein 2010 Strategic Decisions Conference on Thursday, June 3, at 10:00 a.m. Eastern in New York City. Investors can access the live webcast of Mulva’s presentation at www.conocophillips.com/investor. An archived replay will be available shortly thereafter.

June

• Upstream news:

- ConocoPhillips [NYSE:COP] announced that it has completed the previously announced $4.65 billion sale of its 9.03 percent interest in Syncrude with subsidiaries of Sinopec International Petroleum Exploration and Production Company (SIPC).  

• Downstream news:

- ConocoPhillips [NYSE:COP] and Pilot Travel Centers have completed the sale of ConocoPhillips’ 50 percent partnership interest in the CFJ Properties -Flying J truck stops to Pilot Travel Centers for $626 million, subject to normal purchase price adjustments. The transactions also include long-term product supply agreements with Pilot. The sale is consistent with ConocoPhillips’ overall U.S. marketing strategy, which is to minimize company ownership of motor fuel stations while securing long-term markets for refined products from ConocoPhillips refineries.

• Business/Finance news:

July

• Upstream news:

- A plan to build and deploy a rapid response system that will be available to capture and contain oil in the event of a potential future underwater well blowout in the deepwater Gulf of Mexico was announced by Chevron, ConocoPhillips, ExxonMobil and Shell. The new system will be flexible, adaptable and able to begin mobilization within 24 hours and can be used on a wide range of well designs and equipment, oil and natural gas flow rates and weather conditions. The new system will be engineered to be used in deepwater depths up to 10,000 feet and have initial capacity to contain 100,000 barrels per day with potential for expansion. The companies have committed $1 billion to fund the initial costs of the system. Additional operational and maintenance costs for the subsea and modular processing equipment, contracts with existing operating vessels in the Gulf of Mexico and any potential new vessels that may be constructed will increase this cost commitment. This system offers key advantages to the current response equipment in that it will be pre-engineered, constructed, tested and ready for rapid deployment in the deepwater Gulf of Mexico. It is being developed by a team of marine, subsea and construction engineers from the four companies. The system will include specially designed subsea containment equipment connected by manifolds, jumpers and risers to capture vessels that will store and offload the oil. Dedicated crews will ensure regular maintenance, inspection and readiness of the facilities and subsea equipment. The four companies will form a non-profit organization, the Marine Well Containment Company, to operate and maintain this system. Other companies will be invited and encouraged to participate in this organization. Work on this new containment system is being accelerated to enhance deepwater safety and environmental protection in the Gulf of Mexico, which accounts for 30 percent of U.S. oil and gas production and supports more than 170,000 American jobs. The sponsor companies will proceed immediately with the engineering, procurement and construction of equipment and vessels for the system. ExxonMobil will lead this effort on behalf of the four sponsor companies. The companies are also actively involved in significant industry efforts to improve prevention, well intervention and spill response. This includes rig inspections and implementation of new requirements on blowout preventer certification and well design. The industry has proactively formed several multi-disciplinary task forces to further develop improved prevention, containment and recovery plans. The companies have reviewed the system with key officials in the federal Administration and Congress and will conduct briefings with other key stakeholders.

- Four of the world's biggest oil companies said that they were committing $1 billion to create a rapid-response system to deal with deepwater oil spills in the Gulf of Mexico, seeking to restore public confidence in the industry after the BP disaster painfully exposed how unprepared the industry was for a major accident. The voluntary effort, which involves building a set of modular containment equipment that would be kept on standby for emergency use, comes as oil companies seek to persuade the Obama administration to lift a temporary ban on deepwater drilling. The moratorium was imposed after the Deepwater Horizon drilling rig exploded on April 20 and spewed millions of gallons of oil into the gulf. Officials said the spill served as a wake-up call for the industry, which had invested billions of dollars to develop oil and gas resources in ever-deeper waters offshore but neglected to devise spill-response technology that could be effective in thousands of feet of water. Environmentalists, members of Congress and federal and state officials have already made it clear that the industry will face tougher regulations when drilling resumes. The emergency response plan is part of the oil industry's effort to show it can improve its safety procedures and shape the inevitable rules of conduct that will be imposed. The plan -- which was put together by Exxon Mobil, Chevron, ConocoPhillips and Royal Dutch Shell -- incorporates many of the lessons that BP was forced to learn the hard way in trying to cap a gushing oil well 5,000 feet below the ocean's surface. The four companies said their initiative would seek to include all the companies involved in offshore drilling in the gulf, including BP. Their initial financing of $250 million each will be used to build a set of containment equipment, like underwater systems and pipelines, that will be able to deal with a variety of deepwater problems and can be deployed rapidly in the event of a spill. The partners said it would take six months to get all the elements in place. The companies expect the system will be able to contain spills in water as deep as 10,000 feet and capture up to 100,000 barrels of oil a day, although that capacity could be increased if needed. Critically, the new system is expected to be deployed within 24 hours of an offshore spill, and to be able to fully contain the oil spilled within weeks, said Sara Ortwein, a vice president of engineering at Exxon, which has taken the lead in setting up the spill plan. A new nonprofit entity, called the Marine Well Containment Company, will be created and be in charge of operating and maintaining this emergency capability. The entity, modeled in part after the Marine Spill Response Corporation, which was set up after the 1989 Exxon Valdez oil spill in Alaska, will also finance research to look into new ways of tackling an underwater spill. It has taken BP nearly three months to finally cap its gushing oil well in the gulf, after repeated failures to plug the well using a series of jury-rigged devices. While drilling two relief wells to permanently seal its damaged well, BP has relied on inflatable booms, chemical dispersants, containment vessels and controlled burning to address the spill. Oil companies hope the initiative, the product of four weeks of intensive efforts involving 40 engineers from the four companies, will help persuade government regulators and the administration to allow them to resume offshore drilling in the Gulf of Mexico as soon as possible. Oil companies are also seeking to deflect a series of bills being considered in Congress -- including one proposal that would force companies to drill a second well, called a relief well, alongside any new exploration well. Oil executives argue that such a proposal would not enhance safety offshore, but instead would double the risk because a relief well would be just as likely to blow up as an exploration well. The Interior Department agency that oversees deepwater drilling said that the industry's new response plan was a ''move in the right direction.'' However, oil companies still face considerable skepticism about their ability to operate safely in the gulf. Representative Edward J. Markey, Democrat of Massachusetts, one of the industry's most vocal critics, described the plan as ''BP's current apparatus with a fresh coat of paint.'' When top oil executives appeared before Congress several weeks ago, Mr. Markey and other lawmakers forced them to admit that their spill response plans were outdated and woefully inadequate. Senator Mary L. Landrieu, a Louisiana Democrat who has opposed the drilling moratorium, said that the industry's initiative was badly needed. ''It is clear that we simply cannot afford three months of trial and error ever again,'' she said in a statement. The initiative is the first product of a larger discussion within the industry on how to improve safety in the gulf. Oil companies have set up an industrywide task force to consider new safety standards for offshore drilling, more frequent rig inspections, new requirements and certification for blowout preventers and improvements in well design. Frank Verrastro, an energy expert at the Center for Strategic and International Studies, said an updated approach to safety in the gulf was overdue. ''Companies have used their technology to get into the deep water but they didn't have an adequate plan to intervene at these depths or to contain a large-scale spill,'' he said.

• Downstream news:

- ConocoPhillips [NYSE:COP], Rompetrol Rafinare S.A. and Rominserv S.A. announced a license and technical services agreement for the revamp of the existing delayed coker unit at Rompetrol’s Petromidia Refinery in Romania. The revamp will utilize ConocoPhillips’ ThruPlus® Delayed Coking Technology to further improve the reliability, the environmental performance and the operability of the existing 22,000 barrels-per-day unit. ConocoPhillips holds the unique position of being the largest delayed coking technology licensor that also owns and operates delayed cokers. The company owns, operates or has joint-venture interest in 18 delayed cokers worldwide feeding more than 600,000 barrels per day (BPD) combined. ThruPlus® delayed coking technology is externally licensed in 42 installations with a combined capacity in excess of 1.7 million BPD out of a worldwide coking capacity of approximately 4.5 million BPD. Since 2007, ConocoPhillips has started-up one major grassroots coker, has initiated two company grassroots cokers projects, and has granted eight external ThruPlus®

- ConocoPhillips [NYSE:COP] announced the cancelation of plans to upgrade the Wilhelmshaven refinery in Germany. Due to cancelation of the upgrade project, the company expects to recognize a non-cash asset impairment of approximately $1.1 billion after tax in its second quarter financial results.

• Business/Finance news:

- ConocoPhillips [NYSE:COP] will release its second-quarter earnings on Wednesday, July 28 at 8:30 a.m. Eastern. The news release will be issued through Business Wire. In addition, a conference call with members of company management will be held at 11 a.m. Eastern on July 28. 

- ConocoPhillips [NYSE:COP] announced a quarterly dividend of 55 cents per share, payable September 1, 2010, to stockholders of record at the close of business August 2, 2010.

- ConocoPhillips [NYSE:COP] reported second-quarter earnings of $4.2 billion, compared with second-quarter 2009 earnings of $0.9 billion. Excluding a net benefit of $1.7 billion, primarily from dispositions and an impairment, second-quarter 2010 adjusted earnings were $2.5 billion, or $1.67 per share. ConocoPhillips and LUKOIL have reached an agreement under which approximately 64.6 million Russian registered shares will be purchased by LUKOIL for $3.44 billion. These shares represent a 7.6 percent interest in LUKOIL, or 40 percent of ConocoPhillips’ 163.3 million shares currently owned. This transaction is expected to close in the third quarter of 2010. The remaining 60 percent owned by ConocoPhillips are depositary receipts and are expected to be sold in open market transactions or to LUKOIL by the end of 2011. Production from the Exploration and Production (E&P) segment for the second quarter of 2010 was 1.73 million barrels of oil equivalent (BOE) per day, compared with 1.87 million BOE per day in the same period in 2009. Approximately 140,000 BOE per day of the decrease was from normal field decline, primarily in North America, the United Kingdom and Norway. In addition, production was negatively impacted 50,000 BOE per day from planned maintenance, primarily reflecting the routine three-year turnaround in the Greater Ekofisk Area in Norway and the full shutdown at Bayu-Undan and the Darwin LNG plant in Australia. New production of 75,000 BOE per day in China, Canada and Indonesia partially offset these decreases. Excluding planned and unplanned downtime, as well as production sharing contract impacts, production for the second quarter of 2010 would have been approximately 1.8 million BOE per day.

August

• Upstream news:

• Downstream news:

• Business/Finance news:

September

• Upstream news:

• Downstream news:

• Business/Finance news:

- ConocoPhillips [NYSE:COP] announced that Jim Mulva, chairman and chief executive officer, will speak to investors and securities analysts at the Barclays Capital CEO Energy-Power Conference

- ConocoPhillips [NYSE:COP] will launch its fall 2010 energy workshops geared toward primary and secondary level teachers on Sept. 21, 2010. ConocoPhillips and the National Energy Education Development (NEED) Project have partnered for the third year to provide educators with materials and training necessary to improve energy education in America’s schools.

- ConocoPhillips [NYSE:COP] announced it received notice of LUKOIL’s intent to exercise its option to purchase 42,500,000 of the LUKOIL depositary receipts held by ConocoPhillips at a price of $56 per share. ConocoPhillips has been advised by LUKOIL that the depositary receipts will be delivered to a third party financial institution. ConocoPhillips expects to receive pretax proceeds of $2.38 billion at closing on September 29, 2010. With completion of the option exercise, combined with the previously announced $3.44 billion sale of shares to LUKOIL and open market sales, ConocoPhillips will have generated year-to-date pretax proceeds of $6.44 billion. These proceeds will be used primarily to repurchase ConocoPhillips common stock. Following the option exercise, ConocoPhillips will hold a 6.15% remaining interest in LUKOIL.

October

• Upstream news:

• Downstream news:

- Gulf Coast Fractionators, a partnership between ConocoPhillips [NYSE:COP], Devon Energy Corporation [NYSE:DVN] and Targa Resources Partners LP [NYSE:NGLS] ("Targa Resources Partners" or the "Partnership"), announced plans to expand the capacity of its natural gas liquids fractionation facility located in Mont Belvieu, Texas. The maximum gross fractionation capacity of the facility will be expanded by approximately 42 percent (43,000 barrels per day) to 145,000 barrels per day. ConocoPhillips, as the operator, will manage the expansion project, and existing operations are not expected to be disrupted during the construction phase.

• Business/Finance news:

- ConocoPhillips [NYSE:COP] will release its third-quarter earnings on Wednesday, October 27 at 8:30 a.m. Eastern time. The news release will be issued through Business Wire. In addition, a conference call with members of company management will be held at 11 a.m. Eastern time that day. 

- ConocoPhillips [NYSE:COP] announced a quarterly dividend of 55 cents per share, payable December 1, 2010, to stockholders of record at the close of business on October 29, 2010.

- ConocoPhillips [NYSE:COP] announced several executive management changes, effective immediately, to support the company’s business and strategic priorities and to advance its corporate succession plans. Alan J. Hirshberg, formerly vice president, Worldwide Deepwater and Africa Projects, ExxonMobil, will join the company as senior vice president, Planning & Strategy. Greg C. Garland, formerly president and chief executive officer of Chevron Phillips Chemical Company, will join the company as senior vice president, Exploration & Production-Americas. Jeff W. Sheets, formerly senior vice president, Commercial and Planning & Strategy, was elected senior vice president, Finance and chief financial officer. Willie C.W. Chiang, senior vice president, Refining, Marketing & Transportation, was also given responsibility for the company’s Commercial business activities. Ryan M. Lance, senior vice president, Exploration and Production, International, and Larry E. Archibald, senior vice president, Exploration and Business Development, will continue in their current roles. All of the foregoing officers will report to James J. Mulva, chairman and chief executive officer.

- Electricity and hot water for remote, off the grid health clinics and schools is the focus of the "Small Scale Solar Organic Rankine Cycle for Rural Cogeneration" project that is the winner of the 2010 ConocoPhillips, Penn State Energy Prize. The ConocoPhillips Energy Prize recognizes new ideas and original, feasible solutions in three areas that can help improve the way the U.S. develops and uses energy: developing new energy sources, improving energy efficiency and combating climate change.

- ConocoPhillips [NYSE:COP] reported third-quarter earnings of $3.1 billion, compared with third-quarter 2009 earnings of $1.5 billion. Excluding gains from asset dispositions and other items, third-quarter 2010 adjusted earnings were $2.2 billion, or $1.50 per share. Production from the Exploration and Production (E&P) segment for the third quarter of 2010 was 1.72 million barrels of oil equivalent (BOE) per day, compared with 1.79 million BOE per day in the same period in 2009. The decrease was due mainly to normal field decline, primarily in North America and Europe, as well as asset dispositions. Increased production from China, Australia, Lower 48 shale plays and the Canadian steam assisted gravity drainage (SAGD) projects partially offset the decrease. Late in the third quarter, the company initiated production curtailments of approximately 180 million cubic feet equivalent per day in North America in response to continuing low natural gas prices.

November

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December

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- ConocoPhillips [NYSE:COP] announced that the first cargo of liquefied natural gas (LNG) from the Qatargas 3 (QG3) joint venture was shipped on Nov. 25, 2010. The cargo departed from Ras Laffan Industrial City, Qatar, bound for the Canaport LNG Terminal in Saint John, New Brunswick, Canada.

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