Journalism Division Society of Petroleum Engineers Institut Teknologi Sepuluh Nopember Student Chapter
OCTOBER 2019 Vol.
02
PetroJournal OIL RISES AND ECONOMIC FEARS
FINANCE: CONOCO GENERATES ALMOST $1 BILLION OF FREE CASH FLOW IN Q3
Oil Rises and Economic Fears Oil trades higher after a US crude stockpile draw coupled with an outage at a key North Sea pipeline tempered weak economic data. Crude surged 2.7%, the biggest number since Saudi Arabia’s energy facilities were attacked in mid-September. The pressure still continues since the prolonged trade dispute between Beijing and Washington that dents global demand. This makes The Organization of Petroleum Exporting Countries and its partners to consider cutting production further.
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FINANCE: Conoco Generates Almost $1 Billion of Free Cash Flow in Q3 Despite lower crude prices, shares dropped 2.2% to $54.45, and the prolonged sleepwalking economy crisis, ConocoPhillips posted almost $1 billion of free cash flow as the world’s largest independent oil producer. Conoco’s cash was boosted by about $100 million from Venezuela’s state-owned producer, part of a long-running legal settlement after the state nationalized its assets more than a decade ago.
Demand woes still persist in Asia, the biggest consumption center for oil. Imports of US’s foreign oil slid to the lowest in more than two decades. South Korea’s economy grew at a slower pace in the Q3, while China reported a slump in the pace of economic growth to the lowest since the early 1990s. (Bella)
Conoco, which was forced into a painful dividend cut during the 2014 until 2016 oil price crash, is trying to position itself as a steady cash generator by focusing on returns to investors over production growth. Besides getting a high proportion of its oil from assets in Alaska, Asia and the Middle East that have production that’s declining relatively slowly, they’re also focused on growing its shale output, especially in the Eagle Ford and Permian Basin. Unconventional production rose 21% to 379,000 bpd only in a year. (Bella)
Source: https://www.worldoil.com/news/2019/10/24/oil-rises-after-stock-draw-pipeline-outage-temper-economic-fears
Source: https://www.worldoil.com/news/2019/10/29/conoco-generates-almost-1-billion-of-free-cash-flow-in-q3
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