Related Articles
Forward article link
Share PDF with colleagues

Corporate adapter

ConocoPhillips has reinvented itself again, exiting deep-water exploration and betting on flexible US production

Four years ago, when ConocoPhillips spun off its downstream businesses, the logic was shareholder value. The transaction created Phillips 66, the new owner of the group’s refineries, pipelines and chemicals businesses – and the US’s largest refining company, with 14 refineries and throughput capacity of 2.2m barrels a day. And it left behind the world’s largest independent exploration and production firm by reserves and production. Chairman and chief executive Ryan Lance said the new-look E&P company’s “unmatched size, scope and capability” provided a platform for profitable growth, strong financial returns and a sector-leading dividend. Lance hadn’t anticipated the depth and length of t

Also in this section
Saudi Arabia pushes ahead with IPO
22 March 2017
The state firm is making the right noises about its privatisation, but the clock is ticking and market fundamentals could still shift
An M&A lifeline in the North Sea
15 March 2017
Assets that cut tax bills could be a blessing for UKCS operators looking for a bargain
Depth, breadth and data
15 March 2017
Fresh from the merger with Baker Hughes, GE Oil & Gas boss tells Petroleum Economist about his firm's plans for digital analysis, cost-cutting and recovery