Wednesday, February 8, 2012

"ConocoPhillips May Exit Nigeria, Libya, Vietnam, Algeria and Kazakhstan" (COP)

From OilPrice:
ConocoPhillips is an integrated energy company with assets of approximately $75 billion, and employs 56,000 people across 49 countries. They have recently announced plans to sell assets in Nigeria, Libya and three other countries up to the value of $17 billion. It is thought that the funds will be used as part of a plan to boost shareholder returns with share buybacks and higher dividends.

Phil Weiss, an oil analyst from Argus, was at a meeting with Conoco’s chief financial officer and head of investor relations, and confirmed that "Selective country exits are possible. Candidates would be Nigeria, Vietnam, Libya, Algeria and Kazakhstan."...MORE