Welcome, Guest Login | Signup | Portfolio | Bookmark | Contact

Symbol Name
Click for Symbol Help

Conoco 2Q Profit Soars; Co To Sell Entire Lukoil Stake

Wall Street Journal - Jul 28, 2010

ConocoPhillips (COP) said Wednesday that its second-quarter earnings more than quadrupled on higher commodities prices and that its refining business returned to profitability.

Conoco, the third-largest U.S. oil company by market value after Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX), also said it has reached an agreement to sell 7.6% of its 20% stake in Russian oil giant OAO Lukoil Holdings (LUKOY, LKOH.RS) for $3.44 billion, a deal that is expected to close in the current quarter.

ConocoPhillips also unveiled plans to sell the rest of the stake by the end of next year, instead of prior plans to just halve it. The shares will be sold to either Lukoil or on the open market, and most of the proceeds will be used primarily to repurchase Conoco's shares, Chief Executive Jim Mulva said in a prepared statement.

Houston-based Conoco is in the midst of a major restructuring program that includes plans for $10 billion in divestitures in an effort to repay debt--a shift from a debt-fueled acquisition spree when commodities prices were soaring. The restructuring includes plans to increase returns to investors in the form of share repurchases and higher dividends at the expense of production grow.

Read Full Article from Wall Street Journal

- Posted: 2010-07-28 10:35:06

 More Stock Investor Place Company News  
Alibaba's Jack Ma Is Moving On, With an IPO Looming
Pfizer’s Possible Unit Shuffle Triggers Breakup Concern
Lululemon Raises 4th-Quarter Guidance But Misses Expectations; Shares Down
Dell Shares Surge After Report of Possible Buyout
ARMZ Seeks Rest of Uranium One for $1.3 Billion; Won’t Raise Bid

 Stock Investor Place Company News Archive
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008

Featured Companies | My Place | News | Markets | Big Board | Blogs | Products & Services

Copyright 2024 Stock Investor Place Inc. All Rights Reserved.
Disclaimer - Terms of Use - Privacy Policy - Advertise