ConocoPhillips wins $2 billion arbitration award against Venezuela while posting huge profits in US operations

Fuel Fix:
ConocoPhillips reported a big quarterly profit that jumped more than 50 percent from a year ago as crude oil prices rose and the energy sector continued to rebound.

ConocoPhillips said it earned $888 million in the first quarter of 2018 versus a $586 million gain during the same time last year. The Houston-based oil and gas explorer said it is upping its oil and gas production volumes for the rest of the year with higher crude prices expected to hold relatively steady.

To satisfy investors, ConocoPhillips also recently increased its share buyback program to improve stock values and worked on debt reduction.
...
ConocoPhillips is expanding up north in recent months in Canada and Alaska, as well as nearer by in the emerging Austin Chalk play in Louisiana and Texas.

ConocoPhillips also said it won a $2 billion arbitration award against Venezuela's state oil company in the socialist nation that's struggling financially and politically.
...
Getting payment out of Venezuela will be difficult.  The country has squandered its assets and while it has large reserves its ability to exploit them has been hampered by the socialist government's avarice and incompetence.  Venezuela has a lack of expertise and because it took over assets of those who had expertise, its production has been in significant decline and what it does get is already pledged to China to repay loans.

The profits in the US and Canada are real and are likely to grow.  The Austin Chalk play in Texas is very active right now.

Comments

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

While blocking pipeline for US , Biden backs one for Taliban

Whistleblower describes Biden's voter fraud operation in Texas