Energy Business Review: Shell Makes DEALS In China, ConocoPhillips’ DISAPPOINTMENT
Seadrill Limited (NYSE:SDRL) reaches an agreement that is potentially worth $4 billion with an unnamed “major” oil firm, for three ultra-deepwater drillships to be employed in the Gulf of Mexico.
Don’t Miss: Hess Corp. Earnings: TOPS Wall Street Estimates.
Royal Dutch Shell (RDS.A, RDS.B) joins with two Chinese oil firms. Cnooc Limited (NYSE:CEO) will obtain notably large minority ownership investments in Shell’s fields in China and Gabon, and China National Petroleum Corp. will get the rights to additional production from an existing field in China’s Ordos basin. Observers have recently noted China’s new demands for energy sources.
ConocoPhillips (NYSE:COP) second quarter results dropped year-over-year on several fronts. Adjusted earnings per share decreased to $1.22 against a consensus of $1.64, revenue posted at $15.17 billion versus $17.67 billion, and total production fell to 1.54M million barrels of energy equivalent per day compared to 1.64 million, the latter which was in-line with the firm’s target. The figures include one month from its Phillips 66 refining business, which was spun out on May 1st.
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