ConocoPhillips will not chase expensive Permian deals, CEO says [Reuters]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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Source: Reuters
ConocoPhillips will not chase expensive Permian deals, CEO says HOUSTON (Reuters) - ConocoPhillips Chief Executive Officer Ryan Lance on Tuesday repeated a pledge to restrain spending, saying the U.S. oil producer would not be drawn into pricey mergers and acquisitions. ConocoPhillips plans to keep its capital spending at around $6 billion this year, Lance told shareholders at the company’s annual meeting. ConocoPhillips has won billions of dollars in arbitration awards over the expropriation of its assets in Venezuela and posted a first-quarter profit that topped estimates. “We’re sticking to our plan,” Lance said. Rival Occidental Petroleum Corp last week agreed to buy rival Anadarko Petroleum Corp for $38 billion in a deal that includes expensive financing from billionaire Warren Buffett. The deal keeps Anadarko’s prime position in the Permian Basin of West Texas and New Mexico out of the grasp of Chevron Corp, which had sought to buy it for $33 billion. “Do we wish we were larger
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COP
Earnings
- 2/8/24 - Beat
COP
Sec Filings
- 4/17/24 - Form PX14A6G
- 4/17/24 - Form 4
- 4/2/24 - Form 4
- COP's page on the SEC website