ConocoPhillips Chief Executive Officer Jim Mulva, the longest-serving U.S. oil CEO, is abandoning a decade-long effort to compete with the world’s biggest refiners amid a growing glut of crude-processing plants.
ConocoPhillips will court income- focused investors with a dividend yield quadruple that of its peers after spinning off its refining business this month to become more of a pure oil and natural-gas producer.
Reversing the direction of the Seaway oil pipeline running from Oklahoma to the Gulf Coast may take longer than the new owners expect, according to Jim Mulva, chief executive officer of ConocoPhillips.
ConocoPhillips , Origin Energy Ltd.’s partner in an Australian liquefied natural gas venture, said it aims to make a decision to proceed with the development at about the same time as rival projects in Queensland state.
ConocoPhillips , the third-largest U.S. oil company, established a succession plan for its chief executive as it announced the retirement of its president and chief financial officer and brought in two outside executives as part of a management shakeup.
ConocoPhillips plans to sell its entire 20 percent stake in Russia’s OAO Lukoil, valued at about $9 billion, after gains in crude prices spurred a jump in second-quarter profit at the third-largest U.S. oil company.
The U.S. oil market could be on the verge of its own fracking revolution, similar to what the natural-gas market is already experiencing. As a result, domestic production is now projected to rise significantly over the coming decades, reducing the relative share of imports in U.S. oil consumption.