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Financial Status and Policy of ConocoPhillips
Pages 10 (2510 words)
ConocoPhillips (NYSE:COP) in an international petroleum and energy company based in Houston, Texas. The third largest in terms of capitalization as well as oil and gas reserves of its kind in the US, it is the second largest refiner as well. Of non-government controlled entities in the world, ConocoPhillips ranks fifth and sixth in size based on crude oil refining capacity and reserves respectively…
Its refinement technology focuses on upgrading high-grade petroleum coke and removing sulfur.
With approximately 32,700 employees in 40 countries, it has assets of $171 billion with core competencies in petroleum exploration, production, refining, supply, marketing and transportation as well as natural gas gathering and processing and chemicals and plastics production. The company has a 50 percent interest in Colorado-based natural gas liquid producer DCP Midstream, LLC and Texas-based petrochemical company Chevron Phillips Chemical Company LLC. This paper will provide an assessment of the existing company in terms of its current status, including stock trading and financial standing, and the issues that have significant effect on its performance.
ConocoPhillips is actually the recent marriage between two pioneer oil companies in the US, Conoco Inc. and Phillips Petroleum Company. The two companies merged on August 30, 2002 amidst some speculation that the $15.5 Billion deal was a necessary move for the two contenders to avoid being out-competed by bigger petroleum companies. At the time of the merger, oil prices had taken a disastrous turn downward that threatened the survival of smaller gas companies. ...
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