卡尔加里律师事务所Burnet，Duckworth and Palmer LLP副董事长格兰特·扎瓦尔斯基在接受加拿大广播 电台采访时表示，"当你不想投资钻井、无法获得预期回报时，并购是一种增长方式。在基本面改变之 前，我们可能会看到更多类似的情况。" 尽管整合可能会在今年持续，分析师预计交易势头会温和放缓，这在很大程度上是由于高质量目标的日 益稀缺。Sayer Energy Advisors的总裁汤姆·帕维奇告诉加拿大广播电台，"我不知道我们是否会看到我们 在2025年看到的价值，这些价值主要由一些价值数十亿美元的大交易主导，"。"我认为你仍然会看到相 当多的活动，只是规模较小"。 另外值得关注的是，加拿大能源行业的并购越来越注重改善环境、社会和治理（ESG）状况，最近涉及 目标公司的交易中，超过70%的ESG评分高于买家。与美国不同，ESG标准在加拿大能源行业仍然至关 重要，作为风险管理、投资吸引和社会运营许可的核心框架。 据能源新闻网站OilPrice.com报道，加拿大的石油和天然气行业目前正经历一场大规模的、持续数年的 整合浪潮。到2025年，已达成或正在进行的交易总额将超过378亿美元，这是自20 ...

Key Takeaways ExxonMobil's integrated model gives it an edge over ConocoPhillips amid softer oil prices.COP faces pressure as EIA sees WTI averaging $53.42, below $65.40 in 2025.XOM trades at 9.72X EV/EBITDA vs COP's 5.96X, reflecting a premium for stability.ConocoPhillips (COP) and Exxon Mobil Corporation (XOM) are two of the leading exploration and production firms in the energy space, with each boasting an impressive portfolio of low-cost production assets. Over the past year, XOM has rallied 35.4%, outp ...

Core Viewpoint - ConocoPhillips is considering the sale of certain assets in the Permian Basin valued at approximately $2 billion, with discussions in early stages and no guarantee of a transaction proceeding [1] Group 1: Asset Sale Considerations - The assets under review are located in the Delaware Basin, part of the larger Permian Basin spanning West Texas and New Mexico, acquired through previous deals with Concho Resources and Shell [2] - ConocoPhillips completed the acquisition of Shell Enterprises' Delaware Basin operations for $9.5 billion in December 2021, gaining approximately 225,000 net acres and over 600 miles of operated pipelines [3] - The potential divestment aligns with ConocoPhillips' broader efforts to streamline its portfolio following a $17 billion acquisition of Marathon Oil in 2024 [3] Group 2: Financial Performance - ConocoPhillips initially identified around $2 billion in asset sales but increased that target to $5 billion in August 2025 [4] - In Q4 2025, the company reported earnings of $1.4 billion, or $1.17 per share, down from $2.3 billion, or $1.90 per share, in the same period the previous year [4] - Adjusted Q4 earnings totaled $1.3 billion, or $1.02 per share, compared to $2.4 billion, or $1.98 per share, a year earlier [5] Group 3: Yearly Financial Overview - For FY25, reported earnings were $8 billion, or $6.35 per share, compared to $9.2 billion, or $7.81 per share, for FY24 [6] - Adjusted earnings for 2025 reached $7.7 billion, or $6.16 per share, compared to adjusted earnings of $9.2 billion, or $7.79 per share, for the preceding year [6] Group 4: Production and Integration - Production totals for 2025 included 2.38 million barrels of oil equivalent per day globally and 1.44 million barrels per day in the Lower 48 in the US [7] - The integration of Marathon Oil was completed during the year, with synergy capture exceeding an annual run rate of $1 billion [7]

ConocoPhillips considers selling Permian assets worth $2 billion, Bloomberg News reports | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]The logo of American oil and natural gas exploration and production company ConocoPhillips is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023.... [Purchase Licensing Rights, opens new tab] Read more- Companies[Conocophillips]Follow[Shell PLC]FollowF ...

康菲石油据悉考虑出售20亿美元二叠纪盆地资产。 来源：滚动播报 ...

Group 1: Industry Overview - Oil continues to play a fundamental role in the global energy landscape, with BP estimating that global oil demand will grow through 2030 due to relaxed carbon emission curbs [1] - The Trump administration's support for domestic energy is expected to continue, particularly with rising energy demands for data centers, which will likely increase natural gas requirements [2] Group 2: Company Profile - ConocoPhillips - ConocoPhillips is one of the world's largest exploration and production companies, operating primarily in oil-rich regions of the southern United States, including the Delaware, Eagle Ford, and Midland basins [4] - The company expanded its operations by acquiring Marathon Oil in late 2024 [4] Group 3: Financial Performance and Projections - ConocoPhillips generated $7.3 billion in free cash flow in 2025, with management projecting an increase of $1 billion annually for 2026, 2027, and 2028, and a potential surge of $4 billion in 2029 when a major project in Alaska begins production [5] - Overall, company-wide cash flow could double by the end of the decade [5] Group 4: Shareholder Returns - ConocoPhillips is expected to return significant cash to shareholders, although the amount available for dividends and share repurchases is heavily influenced by market prices for oil and gas [6] - Management's cash flow projections are based on an average WTI crude oil price of $70 per barrel, with current prices around $63, indicating that lower prices would jeopardize cash flow, while higher prices could provide upside [7]

Group 1: Core Insights - ConocoPhillips stock declined by 2.2% due to falling oil prices and a downgrade from Roth/MKM [1][5] - Brent crude oil prices dropped approximately 1% to just over $67 per barrel, influenced by geopolitical developments in the Strait of Hormuz [3][4] - Roth/MKM analyst Leo Mariani downgraded ConocoPhillips to neutral, citing a higher valuation compared to peers and potential vulnerability to oil price declines [5] Group 2: Market Analysis - The analyst predicts that global oil prices are nearing a short-term peak, with OPEC+ expected to add around 2 million barrels per day to the market between April and December 2025 [5] - Despite decent demand, the expectation is for an oversupplied oil market throughout most of 2026, which could lead to lower oil prices [5] - The target price for ConocoPhillips stock has been set at $112, reflecting the analyst's outlook on the company's valuation and market conditions [5]

Production and Reserves - Total company production for 2025 was 2,375 MBOED, with the Lower 48 segment contributing 67% of consolidated liquids production and 74% of consolidated natural gas production[14][37]. - Net proved reserves at December 31, 2025, totaled 7,637 million barrels of oil equivalent, a decrease from 7,812 million in 2024[20]. - The Alaska segment contributed 12% of consolidated liquids production and 1% of consolidated natural gas production, with an average daily net production of 199 MBOED[24][25]. - The Delaware Basin in the Lower 48 had an average daily net production of 661 MBOED, with 321 MBD of crude oil and 1,011 MMCFD of natural gas[38]. - Average daily net production in the Lower 48 for 2025 was 1,484 MBOED, with crude oil production at 749 MBD and natural gas production at 2,119 MMCFD[38]. - Total consolidated operations for crude oil reserves were 3,321 million barrels at the end of 2025, down from 3,406 million in 2024[20]. - Canadian operations contributed 9% of consolidated liquids production and 5% of consolidated natural gas production in 2025, with total average daily net production of 177 MBOED[47][48]. - The Asia Pacific segment contributed 4% of consolidated liquids production and 2% of consolidated natural gas production in 2025[76]. Projects and Developments - The Willow Project is expected to achieve first oil in early 2029, with near 50% project completion anticipated by winter 2025[26]. - In 2025, the Greater Kuparuk Area achieved first oil from the Nuna project in Q4 2024, with ongoing drilling activity planned through 2027[28]. - The Surmont oil sands project in Alberta achieved first production from Pad 104W-A in Q4 2025, with a focus on cost reduction and optimizing asset performance[49]. - The Montney play in British Columbia saw 31 wells drilled and 23 brought online in 2025, with approximately 297,000 net acres held[51]. - The Eagle Ford segment, with approximately 489,000 net acres, saw 251 operated wells drilled and 264 brought online in 2025[40]. - The company holds approximately 416,000 net acres in the Midland Basin, focusing on full-field development, resulting in 86 operated wells drilled and 94 brought online in 2025[42]. - Phase 4B project includes up to 144 new wells, with 95 completed and online by December 2025[83]. - Phase 5 project includes up to 91 new wells, with 25 completed and online by December 2025[83]. - Gumusut Phase 4 achieved first production in early 2025, targeting Brunei acreage[85]. - Malikai Phase 2 development achieved first oil in February 2021, operating on a tension leg platform[88]. - Siakap North-Petai (SNP) Phase 2 achieved first oil in November 2021, tied back to a FPSO operated by PTTEP[89]. Operational Highlights - ConocoPhillips operated ten rigs and three frac crews in the Delaware Basin, resulting in 176 operated wells drilled in 2025[39]. - The company holds approximately 782,000 net acres in the Delaware Basin, focusing on resource-rich unconventional plays[39]. - The company has a 30% working interest in the Kebabangan Cluster, which has been operational since 2019[86]. - The company has a 35% working interest in Malikai, with first oil achieved in February 2021[88]. - The company has a 30% interest in QatarEnergy LNG N(3), contributing 12 MBD of crude oil and 373 MMCFD of natural gas in 2025[62]. - The company has a 64.2% interest in the Alba Unit in Equatorial Guinea, producing 8 MBD of crude oil and 149 MMCFD of natural gas in 2025[68]. - The company operates two fully subscribed 4.5 MTPA LNG trains in Australia, with long-term sales agreements for LNG with Sinopec and Kansai Electric Power Co., Inc.[78]. - The company has contractual commitments to deliver approximately 9 MTPA of LNG and 175 million barrels of crude oil through 2042[103]. Strategic Focus and Future Outlook - Approximately 84% of proved reserves are located in OECD countries, highlighting the company's strategic asset allocation[19]. - ConocoPhillips is evaluating lower carbon opportunities for future investments while maintaining traditional capital allocation processes[102]. - The company maintains memberships in various Oil Spill Response Organizations (OSROs) for effective disaster management[99]. - At year-end 2025, ConocoPhillips had approximately 9,900 employees, with 62% based in the U.S.[108]. - The company has a total regasification capacity in Europe of approximately 6.7 MTPA[97]. - The company operates an 800-mile pipeline as part of the Trans-Alaska Pipeline System, with a 29.5% ownership interest[32].

Chevron vs ConocoPhillips: Which Is the Better Buy as Energy Sector Crushes the Market? - 24/7 Wall St. [S&P 5006,807.60 -0.48%][Dow Jones49,462.60 -0.16%][Nasdaq 10024,522.20 -0.63%][Russell 20002,633.16 -0.22%][FTSE 10010,509.20 +0.38%][Nikkei 22556,638.00 -0.24%][Investing]# Chevron vs ConocoPhillips: Which Is the Better Buy as Energy Sector Crushes the Market?### Quick ReadChevron (CVX) beat Q4 earnings with 12% production growth from Hess acquisition. ConocoPhillips (COP) missed estimates as net income ...

Core Investment Strategy - Dividend investing is emphasized as a key strategy for investors seeking steady income and long-term capital appreciation in 2026, particularly in a mixed economic backdrop with stabilizing interest rates [1] Company Analysis: Merck & Co (NYSE: MRK) - Merck is positioned defensively within the healthcare sector, trading at $121.41 with a forward dividend of $3.40 per share, yielding 2.80% [2][3] - The company maintains a forward payout ratio of 34.93%, indicating strong dividend coverage and room for reinvestment [2][3] - Merck has increased its dividend for 15 consecutive years, showcasing its commitment to shareholder returns [4] - The quarterly dividend is currently $0.85, with the next payment scheduled for early April 2026 [4] - Merck benefits from the stability of the healthcare sector and has a strong oncology franchise, particularly with treatments like Keytruda, which supports revenue generation [4] Company Analysis: ConocoPhillips (NYSE: COP) - ConocoPhillips operates in the energy sector, providing exposure to global oil and gas prices, which can lead to both risks and rewards [6][7] - The stock is trading at $111.43, with a forward annual dividend of $3.36 per share, yielding 3.02% [8][9] - The forward payout ratio is 50.06%, reflecting a balance between reinvestment in production assets and returning capital to shareholders [8][9] - ConocoPhillips has structured its capital strategy around disciplined spending and strong free cash flow generation, ensuring sustainability of shareholder returns [7] - The company distributes dividends quarterly, with the next payment of $0.84 scheduled for March 2026 [9]