Jim Mulva News
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General Motors Co. directors praised Dan Akerson’s performance as chief executive officer while saying he must now fix the automaker’s European operations and begin grooming a successor.
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The U.S. is poised for a revival of domestic oil production that may mirror a surge in natural-gas output from shale formations, ConocoPhillips Chief Executive Officer Jim Mulva said.
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ConocoPhillips, the third-largest U.S. energy company, plans to shed its refining business through a spinoff to free capital for oil exploration and increase returns for investors.
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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.
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General Motors Co. increased Chief Executive Officer Dan Akerson’s compensation to $7.7 million for 2011 when he led the company to record profit and GM regained its position as the world’s top-selling automaker.
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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.
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Phillips 66 will debut next month as the world’s largest independent refiner by market value. In the future, it may look more like a pipeline and chemical business.
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ConocoPhillips, the U.S. oil producer that plans to spin off its refining business this year, said it will sell an estimated $10 billion of assets in 2012, the high end of its forecast.
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Oil & Natural Gas Corp., India’s biggest energy explorer, will soon study investing in ConocoPhillips’s U.S. shale-gas assets and expects to strike a substantial deal, Chairman Sudhir Vasudeva said.
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ConocoPhillips will conclude a three-year restructuring program by shedding its fuel-making business next year to refocus the company on more profitable oil and natural-gas production.
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