ConocoPhilips sells Vietnamese business

Global energy giant ConocoPhilips has announced it will sell its Vietnamese business arm to South American energy firm Pereneco for $1.29 billion (£819m). The Vietnamese business has stakes in the Nam Con Son pipeline, which Pereneco will now take forward. Al Hirshberg, senior vice president of Planning and Strategy said: “The sale of our Vietnam […]

ConocoPhilips announces sale of major plant

ConocoPhillips is looking to sell a 185,000 barrel-per-day refinery in Philadelphia. ConocoPhillips say they will shut the plant down in six months if no sale occurs. Willie Chiang, senior vice president of Refining, Marketing, Transportation and Commercial said: “After exploring a wide range of alternatives for the refinery, the decision to sell is based on […]

ConocoPhilips profits fall

Higher crude prices and refining margins helped compensate shrinking production. Earnings from producing oil and gas climbed 72% from a year earlier to $2.5 billion in the second quarter. That came as ConocoPhillips said output of oil and natural gas fell 5.4%. ConocoPhillips, the third-largest U.S. oil company, reported that its net income fell to […]