ConocoPhillips

ConocoPhillips promised more than just growth and costs savings when it announced a deal to acquire Concho.

When a plug gets stuck in a well, consider the cause. Often stuck fracturing tools are a warning sign of casing trouble. Companies that have investigated plug problems have been surprised by the findings.

Oil sands producers predicted they could reduce production by 300,000 B/D by turning down steam injection. This will test methods to reduce, rather than stop, injection to avoid the damage caused by rapid cooling in some wells.

Shell and Chevron lead the pack in a slew of Q2 losses with $18.1 billion and $8.3 billion, respectively. ExxonMobil, ConocoPhillips, Royal Dutch Shell, Petrobras, and Repsol also posted losses. The tally of these global majors’ losses in a single quarter tops $30 billion.

The all-cash deal bucks a recent trend of international oil companies divesting of Canadian assets and adds 15,000 B/D of production to the buyer’s total.

Greg Leveille said he is optimistic that the shale sector will be able to bounce back from its second downturn in 5 years. The trick this time, he says, will be not just investing in new digital technologies but putting them to work.

Financial Fallout: For two big companies, tougher times call for tougher actions.

The company announced both contract awards simultaneously. The new contract awards could be worth up to $800 million.

Most of ConocoPhillips’ oil and gas production by the end of the next decade will come from its unconventional operations. But, for the near-term, the Houston independent will rely on conventional assets as it seeks to keep spending in check, decline rates low, and cash flow on the rise.

The plan targets some $50 billion in free cash flow over the period while growing production more than 3%/year.