| ConocoPhillips Dispatches First LNG from APLNG Facility | |
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ConocoPhillips COP, along with it partners, announced the shipment of the first cargo of liquefied natural gas (LNG) from the massive Australia Pacific LNG (“APLNG”) facility. The APLNG facility is located on Curtis Island in Queensland, Australia.
Construction of the APLNG facility started in 2011. The facility comprises of two production units, each having a capacity of about 4.5 million tons per annum of LNG. The facility was constructed with the aim of capturing the margin between cheap U.S. natural gas and more expensive intentional gas, which often fluctuates with oil price volatility.
Per the Sydney Morning Herald, the fall in oil prices has depressed natural gas prices overseas and has left the future of APLNG uncertain. The companies expect to achieve profitability only when international oil ranges between $38 per barrel and $42 per barrel.
The project is expected to become self-funding once the second unit becomes operational in the second half of 2016. Construction on the second production unit is nearing completion and will further enhance the company’s capital flexibility.
ConocoPhillips has a stake of 37.5% in the venture. Other partners include Australia’s Origin Energy and China’s Sinopec, holding 37.5% and 25%, respectively. While Sinopec is the company’s largest customer, Japanese utility – Kansai Electric Power – has also inked contracts for some shipments.
ConocoPhillips is a major global exploration and production company with operations and activities in 30 countries that include the U.S., Canada, the U.K./Norway, China, Australia, offshore Timor-Leste, Indonesia, Libya, Nigeria, Algeria, Russia and Qatar.
With leading positions in both natural gas and heavy crude oil in North America, along with a legacy position in the North Sea and growing exposure to lucrative international regions, ConocoPhillips expects to replace reserves and sustain production growth over the long term.
ConocoPhillips carries a Zacks Rank #5 (Strong Sell). Some better-ranked players from the energy sector are Enbridge Energy Management LLC EEQ, ReneSola Ltd. SOL and Boardwalk Pipeline Partners, LP BWP. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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ConocoPhillips
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CODE : COP |
ISIN : US20825C1045 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ConocoPhillips is a producing company based in United states of america. ConocoPhillips is listed in Germany and in United States of America. Its market capitalisation is US$ 131.1 billions as of today (€ 117.4 billions). Its stock quote reached its lowest recent point on December 31, 1991 at US$ 10.94, and its highest recent level on September 20, 2024 at US$ 111.37. ConocoPhillips has 1 177 107 000 shares outstanding. |