| ConocoPhillips and Phillips 66 to Pay $11.5M in Lawsuit - Analyst Blog | |
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ConocoPhillips COP and Phillips 66 PSX will shell out $11.5 million to settle a lawsuit in Alameda County Superior Court in California. The lawsuit alleges the duo of violating California anti-pollution laws at hundreds of their gas stations since 2006.
Per the lawsuit filed in 2013, the California authorities charged that these gas stations did not properly maintain underground gasoline-storage tanks. As a result, these put the nearby water supplies at risk.
Per the settlement, the energy majors will pay a $9 million civil penalty, $1 million toward environmental projects in the state of California, and about $1.5 million in legal costs. Overall, the authorities found violations in more than 560 gas stations in that state dating back to 2006, when Phillips 66 was part of ConocoPhillips.
It was only in Apr 2012, when ConocoPhillips spun off its refining operations to Phillips 66. Since ConocoPhillips has now completely shifted its focus to upstream operations, oil and gas prices play a major role in determining its performance.
With leading positions in both natural gas and heavy crude oil in North America, as well as a legacy position in the North Sea and growing exposure to lucrative international regions, ConocoPhillips expects to replace reserves and sustain production growth over the long term. The company’s exploration initiatives toward liquids-rich plays are gaining momentum through the Eagle Ford, Bakken and North Barnett shale plays.
We believe that any downtrend in the global economy will affect the supply-demand fundamentals of oil and gas, hurting the sales prices of crude oil and natural gas.
ConocoPhillips currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked players in the energy sector are Sprague Resources LP SRLP and Independence Contract Drilling Inc. ICD. Both these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CONOCOPHILLIPS (COP): Free Stock Analysis Report PHILLIPS 66 (PSX): Free Stock Analysis Report INDEPENDC CONTR (ICD): Free Stock Analysis Report SPRAGUE RESRCS (SRLP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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ConocoPhillips
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CODE : COP |
ISIN : US20825C1045 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ConocoPhillips is a producing company based in United states of america. ConocoPhillips is listed in Germany and in United States of America. Its market capitalisation is US$ 152.2 billions as of today (€ 142.8 billions). Its stock quote reached its lowest recent point on December 31, 1991 at US$ 10.94, and its highest recent level on April 22, 2024 at US$ 129.33. ConocoPhillips has 1 177 107 000 shares outstanding. |