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On October 5,, the United States conocophillips openly, will no longer further expand Peru's oil and gas block exploration activity, this is the company this year stripping own hundreds of millions of dollars to oil and gas assets part of the plan.
The dow Jones reported, conocophillips will unlade block operator's identity, and then thoroughly exit Peru 123 and 129 block of oil and gas exploration work. In addition, conocophillips will also block 45% of the rights to Peru to Gran Tierra energy company hands, but equity transfer is still subject to government approval to expansion.
Conocophillips said it would with Peru oil and gas exploration permit license issuing agency Peru petroleum administration bureau (Perupetro) communication, the hope can work over as soon as possible.
Conocophillips senior vice President, exploration departments larry? Archibald said: "we are after careful consideration to this decision, as an independent exploration and production company, we must carefully evaluated investment planning and asset portfolio."
"Want to leave Peru is absolutely false words, due to oil and gas block is environmental sensitive area, we have to pay attention to and Peru local government, community, and energy company communication cooperation, and our ability to work and the sense of responsibility also got Peru's recognition." He added.
In fact, conocophillips made a three-year repositioning plan, designed to improve its balance sheet, and hard to make themselves more attractive to investors. The program includes sell $15 billion - $20 billion of assets, the scale of the share repurchase, and earlier this year for refining department separation.
This year in August, conocophillips its joint venture company in Russia Naryan Mar Nefte Gaz 30% of indirect shares and related assets, sold to Russia Luke Oil company (Luk Oil). In 2004, conocophillips and Luke to develop Russia Timan - Pechora northern oil and gas resources as the goal, set up the common Naryan Mar Nefte Gaz.
In addition, kazakstan petroleum and natural gas minister gaza monkshood arter? The door has revealed slipped, conocophillips prepared to sell its in a aims to develop kazakhstan giant oil fields card sand dry oil field in multinational consortium hold shares, about 8.4%.
Want to know, card sand dry big oilfield is over the past 40 years, the world's largest oil reserves found one of the oilfield is expected in March 2013 prelife output the first oil. Analysts pointed out that although conocophillips now sell shares not too wise, but as a result of its cash flow of the growing tension, revenue and sell assets income is difficult to keep up with the pace of expenditure, conocophillips I'm afraid I have to sell the assets of the journey to the end.
The industry generally believe that capital budget to expand, increase share out bonus, and sustained share buyback has let conocophillips unbearable load. 12 consecutive years increase share out bonus conocophillips, obviously not going to give up shareholder dividends. On October 8th, conocophillips announced the company's quarterly dividend report, 66 cents per share, this part of the dividend will be on 3 December 2012 to pay by October 15, 2012 closing on the record of shareholders.
Data shows, conocophillips use sell assets get money to buy $16 billion shares, although now stop buyback, but use internal "blood" to "full" cash flow don't reality. Analysts pointed out that if oil prices fall, conocophillips days will be more difficult, is expected in 2013, the company cash flow and capital expenditure and share out bonus of between deficit or will reach $7.2 billion, if the price of crude oil can maintain above $110 per barrel, cash payments may achieve balance.
Conocophillips pointed out that companies in the use of cash share out bonus is preferred, if commodity prices long-term decline, the first reaction is still cut capital spending, increased liabilities, the company's goal is to through the increase production, concentrate on to higher profits of the project, to end as soon as possible shortage of cash flow