Word: conoco
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...companies by far the largest, is energy. Exxon's (XOM) market cap is $347 billion. That may be more than the top ten banks in America combined. It is more than the total for Microsoft and Cisco with some to spare. As a group, Exxon, BP (BP), and Conoco (COP) have not done well during the rally. The simpleton's answer as to why that is true is that the price of oil is too low and that oil stocks trade with the price of oil. Since oil firms have complex structures that combine sales from exploration and refining...
Then, to complicate matters, Chávez mandated this year that the state own a majority stake in heavy-oil developments. Two major investors, ExxonMobil and ConocoPhillips, walked away, taking critical technology with them. Abandoning its Petrozuata and Hamaca heavy-oil ventures, plus an offshore project, cost Conoco $4.5 billion in impairment charges. The French oil corporation Total signed a deal earlier this month to help fill the void. Still, Venezuela's output "is declining," says Rafael Quiroz, an oil economist at Venezuela's Central University. "If it dips below 2.1 m.b.d. ... it could bankrupt the industry...
Countries that own natural resources want a bigger stake in profits. They won't just settle for a share now. They want to partake as a full partner all the way up the chain into the end use of their commodity. So for companies like Exxon, Conoco-Phillips, Shell, Chevron-Texaco, it's not the same game anymore...
...companies are flush with profits, so they could afford it. Exxon Mobil alone earned nearly $10 billion in the third quarter, a record for any U.S. firm. But companies seem more inclined to buy one another's assets and invest in proven reserves than go hunting for new sources. Conoco Phillips recently bid $35.6 billion for Burlington Resources, one of the world's largest natural-gas producers. In the contiguous 48 states, easily accessible fields are running full tilt. "We've had great success finding new reserves, but these are unconventional sources--low-permeability gas sands, shale gas, coal...
...Ohio team is gathering at a Westlake Shell station across from some massive Conoco Phillips chemical tanks and a Burger King. "I'm going to try to work squads toward each other so when you meet you'll know you're done," says Mitch Ross, a team leader briefing the search groups on what part of the town they'll take. The local police and fire chiefs arrive with Westlake Mayor Dudley Dixon, who says he had no idea the Ohio USAR team was coming but thanks them for being there. Dixon gives the team what proves...