Is Conoco part of Shell?
In a blockbuster deal that represents the largest all-cash acquisition in the U.S. upstream sector in more than 3 years, Houston-based ConocoPhillips COP +2.6% agreed to purchase the Permian Basin assets of Shell for $9.5 billion.
Are Phillips 66 and Conoco the same company?
Our history dates to 1875 through our many predecessor-in-interest companies, including Conoco Inc. These two companies had successful businesses before merging in 2002 to form ConocoPhillips. In 2012, ConocoPhillips separated into two stand-alone publicly traded companies, one of which is Phillips 66.
Does Shell own Phillips 66?
Owned by Phillips 66, the 76 brand represents Top Tier gasoline currently supplied at more than 1,800 retail gas stations in the United States. In addition to marketing under the 76 brand, the company will continue to market products under the Shell brand.
Why did Shell sell Permian?
Wael Sawan, Shell upstream director said the move was intended to maximize cash distribution for investors rather than increasing production. He said the sale was part of the company’s strategy to increase returns on investment by driving up the value of its properties in the basin.
Did ConocoPhillips buy Shell?
ConocoPhillips agreed to acquire Royal Dutch Shell Plc’s Permian Basin assets for $9.5 billion in cash, accelerating the consolidation of the largest U.S. oil patch. The deal will give ConocoPhillips additional daily production in 2022 of about 200,000 barrels of oil equivalent, it said Monday in a statement.
Does Phillips 66 own gas stations?
In the United States, the company operates Conoco, Phillips 66 and 76 stations. In Europe, Phillips 66 operates Jet filling stations in Austria, Denmark, Germany, Sweden and the United Kingdom.
What brands of oil does Phillips 66 make?
Our fuel brands, Phillips 66®, Conoco®, 76®, JET® and Coop, are backed by a network of 11 refineries, 200 terminals and 7,000 branded sites.
How much is the Orogrande basin worth?
Torchlight and Metamaterial’s current share prices suggest an implied value of $1,000 per net acre for the Orogrande Basin assets.
Where does ConocoPhillips produce oil and natural gas?
ConocoPhillips is an independent exploration and production (E&P) company headquartered in Houston, Texas. We explore for, produce, transport and market crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis.
What kind of business does ConocoPhillips do?
ConocoPhillips is an independent exploration and production (E&P) company headquartered in Houston, Texas. We explore for, produce, transport and market crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. As of Dec. 31, 2020, we had operations and activities in 15 countries.
When does ConocoPhillips acquisition of Concho Resources close?
ConocoPhillips has the technical capability to operate globally while maintaining a relentless focus on safety and environmental stewardship. The company enhanced both its portfolio and financial framework through the acquisition of Concho Resources, which closed on Jan. 15, 2021.
Where are ConocoPhillips located in the lower 48?
The addition of 550,000 net acres through the Concho acquisition complements the company’s position in the Delaware and Midland basins in the Permian, which together with major positions in the Eagle Ford and Bakken trends establish ConocoPhillips as a leader in Lower 48 unconventional development.