ConocoPhilllips (NYSE:COP) received an upgrade from Bank of America (NYSE:BAC), as the oil giant more than doubled earnings in the second quarter.
Bank of America upgraded them from "Sell" to "Neutral" on their strong earnings, which came to $4.16 billion, or $2.77 a share. Last year in the same quarter they generated earnings of $859 million, or 57 cents a share.
The financial institution also like the fact Conoco is going to sell the entire stake it has in Lukoil, the largest non-government oil company in Russia.
Bank of America set a price target on Conoco of $61 a share. Conoco closed yesterday at $54.56, gaining $0.67, or 1.24 percent.
Showing posts with label Lukoil. Show all posts
Showing posts with label Lukoil. Show all posts
Friday, July 30, 2010
Wednesday, July 28, 2010
Conoco (NYSE:COP) Surges on Increased Margins, Oil Prices
ConocoPhillips (NYSE:COP) enjoyed over double the earnings in their latest quarter, as refinery margins and oil prices led them during the reporting period.
Profits came to $4.16 billion, or $2.77 a share in the second quarter, contrasting with the $859 million, or 57 cents a share in the same quarter last year. Revenue also exploded from $35.45 billion to $45.69 billion during that time.
Price per barrel of oil rose to $71.09, a 37 percent gain, while natural gas prices increased to $4.50 per million cubic feet, a gain of 22 percent.
Conoco's profit margins from refineries were much stronger, where the American refineries generated income of $782 million. That was unfortunately offset by a $1.1 billion impairment charge in connection to its Germany-based Wilhelmshaven refinery.
The goal of selling about $10 billion in assets remains on the front of Conoco's strategy, and CEO Jim Mulva announced the next assets to be sold will be its entire stake in Lukoil, the largest private oil company in Russia.
In June Conoco sold its stake in the Canada oil sands to Sinopec for $4.65 billion.
Profits came to $4.16 billion, or $2.77 a share in the second quarter, contrasting with the $859 million, or 57 cents a share in the same quarter last year. Revenue also exploded from $35.45 billion to $45.69 billion during that time.
Price per barrel of oil rose to $71.09, a 37 percent gain, while natural gas prices increased to $4.50 per million cubic feet, a gain of 22 percent.
Conoco's profit margins from refineries were much stronger, where the American refineries generated income of $782 million. That was unfortunately offset by a $1.1 billion impairment charge in connection to its Germany-based Wilhelmshaven refinery.
The goal of selling about $10 billion in assets remains on the front of Conoco's strategy, and CEO Jim Mulva announced the next assets to be sold will be its entire stake in Lukoil, the largest private oil company in Russia.
In June Conoco sold its stake in the Canada oil sands to Sinopec for $4.65 billion.
Monday, April 12, 2010
Conoco (NYSE:COP) Sells Stake in Syncrude
Conoco Sells Stake in Syncrude to Sinopec
Conoco (NYSE:COP) has sold its 9 percent stake in Syncrude to Sinopec International Petroleum Exploration and Production (NYSE:SHI) for $4.65 billion, the company said on Monday. Syncrude is an oil sands project in Canada.
The move by Conoco was part of their strategy to pay down their huge debt load, with a goal of divesting of $10 billion in assets over the next two years for that purpose.
With this acquisition, China's investment in the oil sands projects in general stands at about $10 billion.
Recently Conoco announced it was selling its stake in Lukoil, the Russian oil producing giant, which would raise $4.9 billion at existing prices.
Already these two major deals are close to the stated goal of Conoco, so we'll see if they continue on with big deals, or now look to smaller deals to reach their goal.
Conoco (NYSE:COP) has sold its 9 percent stake in Syncrude to Sinopec International Petroleum Exploration and Production (NYSE:SHI) for $4.65 billion, the company said on Monday. Syncrude is an oil sands project in Canada.
The move by Conoco was part of their strategy to pay down their huge debt load, with a goal of divesting of $10 billion in assets over the next two years for that purpose.
With this acquisition, China's investment in the oil sands projects in general stands at about $10 billion.
Recently Conoco announced it was selling its stake in Lukoil, the Russian oil producing giant, which would raise $4.9 billion at existing prices.
Already these two major deals are close to the stated goal of Conoco, so we'll see if they continue on with big deals, or now look to smaller deals to reach their goal.
Wednesday, March 24, 2010
ConocoPhillips (NYSE:COP) Selling Half of Lukoil Stake
Conoco Shedding Lukoil Assets
ConocoPhillips (NYSE:COP) communicated to Russian-based Lukoil Holdings that it was going to sell up to half of its stake in the company over the next two years. Conoco owns a 20 percent stake in Lukoil.
Assuming Lukoil prices hold close to today's share price, the sell of the shares in the company would bring about $4.7 billion to Conoco's coffers.
Conoco wants to sell about $10 billion in assets to strengthen its financial position.
Other than one project in the Russian Arctic region, there hasn't been any new operations by Lukoil with Conoco, making it easier for Conoco to make the decision to sell a portion of their stake.
Conoco Shedding Lukoil Assets
ConocoPhillips (NYSE:COP) communicated to Russian-based Lukoil Holdings that it was going to sell up to half of its stake in the company over the next two years. Conoco owns a 20 percent stake in Lukoil.
Assuming Lukoil prices hold close to today's share price, the sell of the shares in the company would bring about $4.7 billion to Conoco's coffers.
Conoco wants to sell about $10 billion in assets to strengthen its financial position.
Other than one project in the Russian Arctic region, there hasn't been any new operations by Lukoil with Conoco, making it easier for Conoco to make the decision to sell a portion of their stake.
Conoco Shedding Lukoil Assets
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