ConocoPhillips pulls back from deepwater
USA
HOUSTON, October 30, 2015 – ConocoPhillips will slash its deepwater exploration business to concentrate on onshore operations or pay dividends as part of cost-cutting measures, the Houston-based company announced Wednesday.
With more than 8,900 square kilometres in offshore assets in the Gulf of Mexico, ConocoPhillips will sell its assets not deemed lucrative after careful evaluation.
The company showed signs of easing out of the deepwater exploration sector when cancelling its three-year contract for the Ensco DS-9 drillship in July. The vessel was expected to begin drilling in the fourth quarter of 2015.
In its third-quarter results, the company reported a net loss of $1.1 billion, compared with a $2.7-billion earning during the same period in 2014.
Read our latest insights on:
Latest news and features
