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Globe and Mail
7 days ago
- Business
- Globe and Mail
Vivakor (NASDAQ: VIVK) Expands Strategic Oil Logistics in Permian Basin
Vivakor (NASDAQ: VIVK) an integrated energy services provider, is advancing its growth strategy across the Permian and Eagle Ford Basins with a focus on expanding its crude oil storage, logistics, and marketing operations. The company operates 10 pipeline injection stations in key areas of the Permian Basin, aggregating crude volumes from well sites and connecting to major pipelines including Centurion, Plains Basin Pipeline, and the West Texas System. Chairman and CEO James Ballengee noted these assets position Vivakor as a vital logistics hub, offering producers market access while optimizing revenue and returns. With the Permian generating over 40% of U.S. oil output, Vivakor's infrastructure plays a key role in supporting growing production and energy demand. To view the full press release, visit About Vivakor, Inc. Vivakor, Inc. is an integrated provider of sustainable energy transportation, storage, reuse, and remediation services, operating one of the largest fleets of oilfield trucking services in the continental United States. Its corporate mission is to develop, acquire, accumulate, and operate assets, properties, and technologies in the energy sector. Vivakor's integrated facilities assets provide crude oil and produced water gathering, storage, transportation, reuse, and remediation services under long-term contracts. Once operational, Vivakor's oilfield waste remediation facilities will facilitate the recovery, reuse, and disposal of petroleum byproducts and oilfield waste products. About InvestorWire InvestorWire ('IW') is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today's market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge. For more information, please visit Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: InvestorWire Austin, Texas 512.354.7000 Office Editor@ InvestorWire is powered by IBN
Business Wire
08-05-2025
- Business
- Business Wire
ConocoPhillips announces first-quarter 2025 results and quarterly dividend
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today reported first-quarter 2025 earnings of $2.8 billion, or $2.23 per share, compared with first-quarter 2024 earnings of $2.6 billion, or $2.15 per share. Excluding special items, first-quarter 2025 adjusted earnings were $2.7 billion, or $2.09 per share, compared with first-quarter 2024 adjusted earnings of $2.4 billion, or $2.03 per share. Special items for the quarter were primarily related to a gain on asset sales and the impact from the settlement of a contingent matter. 'ConocoPhillips continued to demonstrate strong execution in the first quarter, and we reduced our full-year capital and operating cost guidance,' said Ryan Lance, chairman and chief executive officer. 'Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders.' First-quarter highlights and recent announcements Delivered total company and Lower 48 production of 2,389 thousand barrels of oil equivalent per day (MBOED) and 1,462 MBOED, respectively. Achieved record Eagle Ford drilling performance from leveraging combined best practices. Completed the largest winter construction season at Willow and achieved critical milestones. Completed $1.3 billion of noncore Lower 48 asset sales, including $0.6 billion during the quarter and $0.7 billion in May with the close of Ursa and associated assets. Distributed $2.5 billion to shareholders, including $1.5 billion through share repurchases and $1.0 billion through the ordinary dividend. Retired $0.5 billion of debt at maturity. Ended the quarter with cash and short-term investments of $7.5 billion and long-term investments of $1.0 billion. Quarterly dividend ConocoPhillips declared a second-quarter ordinary dividend of $0.78 per share payable June 2, 2025, to stockholders of record at the close of business on May 19, 2025. First-quarter review Production for the first quarter of 2025 was 2,389 MBOED, an increase of 487 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, first-quarter 2025 production increased 115 MBOED or 5% from the same period a year ago. Lower 48 delivered production of 1,462 MBOED, including 816 MBOED from the Permian, 379 MBOED from the Eagle Ford and 212 MBOED from the Bakken. Earnings and adjusted earnings increased from the first quarter of 2024, primarily driven by higher volumes and partially offset by increased depreciation, depletion and amortization and operating costs, as well as lower prices. The company's total average realized price was $53.34 per BOE, 6% lower than the $56.60 per BOE realized in the first quarter of 2024. For the quarter, cash provided by operating activities was $6.1 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated CFO of $5.5 billion. In addition, ConocoPhillips realized a change in investing working capital of $0.8 billion and received $0.6 billion of disposition proceeds from the sale of noncore Lower 48 assets. The company funded $3.4 billion of capital expenditures and investments, repurchased $1.5 billion of shares, paid $1.0 billion in ordinary dividends and retired debt of $0.5 billion at maturity. Outlook Second-quarter 2025 production is expected to be 2.34 to 2.38 million barrels of oil equivalent per day (MMBOED). Full-year capital expenditures guidance is lowered to $12.3 to $12.6 billion versus prior guidance of approximately $12.9 billion. Full-year adjusted operating cost guidance is lowered to $10.7 to $10.9 billion versus prior guidance of $10.9 to $11.1 billion. All other guidance remains unchanged. Guidance includes the impact from closed dispositions. ConocoPhillips will host a conference call today at 12:00 p.m. Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to A recording and transcript of the call will be posted afterward. --- # # # --- About ConocoPhillips As a leading global exploration and production company, ConocoPhillips is uniquely equipped to deliver reliable, responsibly produced oil and gas. Our deep, durable and diverse portfolio is built to meet growing global energy demands. Together with our high-performing operations and continuously advancing technology, we are well positioned to deliver strong, consistent financial results, now and for decades to come. Visit us at This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues, costs and plans, objectives of management for future operations, the anticipated benefits of our acquisition of Marathon Oil Corporation (Marathon Oil), the anticipated impact of our acquisition of Marathon Oil on the combined company's business and future financial and operating results and the expected amount and timing of synergies from our acquisition of Marathon Oil and other aspects of our operations or operating results. Words and phrases such as 'ambition,' 'anticipate,' 'believe,' 'budget,' 'continue,' 'could,' 'effort,' 'estimate,' 'expect,' 'forecast,' 'goal,' 'guidance,' 'intend,' 'may,' 'objective,' 'outlook,' 'plan,' 'potential,' 'predict,' 'projection,' 'seek,' 'should,' 'target,' 'will,' 'would,' and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include, but are not limited to, the following: effects of volatile commodity prices, including prolonged periods of low commodity prices, which may adversely impact our operating results and our ability to execute on our strategy and could result in recognition of impairment charges on our long-lived assets, leaseholds and nonconsolidated equity investments; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes as a result of any ongoing military conflict and the global response to such conflict, security threats on facilities and infrastructure, global health crises, the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries or the resulting company or third-party actions in response to such changes; the potential for insufficient liquidity or other factors, such as those described herein, that could impact our ability to repurchase shares and declare and pay dividends, whether fixed or variable; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance; reductions in our reserve replacement rates, whether as a result of significant declines in commodity prices or otherwise; unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage; failure to progress or complete announced and future development plans related to constructing, modifying or operating related to constructing, modifying or operating E&P and LNG facilities, or unexpected changes in costs, inflationary pressures or technical equipment related to such plans; significant operational or investment changes imposed by legislative and regulatory initiatives and international agreements addressing environmental concerns, including initiatives addressing the impact of global climate change, such as limiting or reducing GHG emissions, regulations concerning hydraulic fracturing, methane emissions, flaring or water disposal and prohibitions on commodity exports; broader societal attention to and efforts to address climate change may cause substantial investment in and increased adoption of competing or alternative energy sources; risks, uncertainties and high costs that may prevent us from successfully executing on our Climate Risk Strategy; lack or inadequacy of, or disruptions in reliable transportation for our crude oil, bitumen, natural gas, LNG and NGLs; inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations; potential disruption or interruption of our operations and any resulting consequences due to accidents, extraordinary weather events, supply chain disruptions, civil unrest, political events, war, terrorism, cybersecurity threats or information technology failures, constraints or disruptions; liability for remedial actions, including removal and reclamation obligations, under existing or future environmental regulations and litigation; liability resulting from pending or future litigation or our failure to comply with applicable laws and regulations; general domestic and international economic, political and diplomatic developments, including deterioration of international trade relationships, the imposition of trade restrictions or tariffs relating to commodities and material or products (such as aluminum and steel) used in the operation of our business, expropriation of assets, changes in governmental policies relating to commodity pricing, including the imposition of price caps, sanctions or other adverse regulations or taxation policies; competition and consolidation in the oil and gas E&P industry, including competition for sources of supply, services, personnel and equipment; any limitations on our access to capital or increase in our cost of capital or insurance, including as a result of illiquidity, changes or uncertainty in domestic or international financial markets, foreign currency exchange rate fluctuations or investment sentiment; challenges or delays to our execution of, or successful implementation of the acquisition of Marathon Oil or any future asset dispositions or acquisitions we elect to pursue; potential disruption of our operations, including the diversion of management time and attention; our inability to realize anticipated cost savings or capital expenditure reductions; difficulties integrating acquired businesses and technologies; or other unanticipated changes; our inability to deploy the net proceeds from any asset dispositions that are pending or that we elect to undertake in the future in the manner and timeframe we anticipate, if at all; the operation, financing and management of risks of our joint ventures; the ability of our customers and other contractual counterparties to satisfy their obligations to us, including our ability to collect payments when due from the government of Venezuela or PDVSA; uncertainty as to the long-term value of our common stock; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term 'resource' in this news release that the SEC's guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website. Use of Non-GAAP Financial Information – To supplement the presentation of the company's financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this news release and the accompanying supplemental financial information contain certain financial measures that are not prepared in accordance with GAAP, including adjusted earnings (calculated on a consolidated and on a segment-level basis), adjusted earnings per share (EPS), adjusted operating costs and cash from operations (CFO). The company believes that the non-GAAP measure adjusted earnings (both on an aggregate and a per-share basis) is useful to investors to help facilitate comparisons of the company's operating performance associated with the company's core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company's core business operations. Adjusted earnings is defined as earnings removing the impact of special items. Adjusted EPS is a measure of the company's diluted net earnings per share excluding special items. Adjusted operating costs is defined as the sum of production and operating expenses and selling, general and administrative expenses, adjusted to exclude expenses that do not directly relate to the company's core business operations and are included as adjustments to arrive at adjusted earnings to the extent those adjustments impact operating costs. The company further believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. The company believes that the above-mentioned non-GAAP measures, when viewed in combination with the company's results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company's business and performance. The company's Board of Directors and management also use these non-GAAP measures to analyze the company's operating performance across periods when overseeing and managing the company's business. Each of the non-GAAP measures included in this news release and the accompanying supplemental financial information has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company's results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company's presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations. Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release. Other Terms – This news release also contains the term pro forma underlying production. Pro forma underlying production reflects the impact of closed acquisitions and closed dispositions as of March 31, 2025. The impact of closed acquisitions and dispositions assumes a closing date of January 1, 2024. The company believes that underlying production is useful to investors to compare production reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with peer companies. Return of capital is defined as the total of the ordinary dividend and share repurchases. References in the release to earnings refer to net income. ConocoPhillips Table 3: Reconciliation of reported production to pro forma underlying production MBOED, except as indicated 1Q25 1Q24 Total reported ConocoPhillips production 2,389 1,902 Closed Dispositions 1 (15 ) (18 ) Closed Acquisitions 2 — 375 Total pro forma underlying production 2,374 2,259 1 Includes production related to various Lower 48 noncore dispositions but excludes dispositions not yet closed as of 3/31/2025 (Ursa and related assets). 2 Includes production related to the acquisition of Marathon Oil and additional working interest in Alaska, both closing in 4Q24. Expand ConocoPhillips Table 4: Reconciliation of production and operating expenses to adjusted operating costs $ millions, except as indicated 1Q25 2025 Full Year Guidance ($B) Production and operating expenses $ 2,506 10.1 - 10.4 Selling, general and administrative (G&A) expenses 191 0.7 - 0.8 Operating Costs 2,697 10.8 - 11.2 Adjustments to exclude special items: Transaction and integration expenses (53 ) (0.1) - (0.3) Adjusted operating costs $ 2,644 10.7 - 10.9 Expand
Bloomberg
06-05-2025
- Business
- Bloomberg
KKR-Backed Crescent Energy Weighs Asset Sales to Focus on Eagle Ford, Uinta Basins
By Updated on Save Crescent Energy Co., a US oil-and-gas explorer backed by KKR & Co., is looking to slim down its drilling portfolio to focus on its core acreage in the Eagle Ford and Uinta basins, according to people familiar with the matter. The Houston-based company is working with financial advisers to seek buyers for its holdings in areas including the Denver-Julesburg Basin in Colorado, said the people, who asked to not be identified because the details aren't public.
Forbes
05-05-2025
- Business
- Forbes
Falling Shale Production Won't Bail Out OPEC+
As oil prices loiter near 5- year lows and costs rise in the oil patch, expectations for U.S. shale oil production are becoming more pessimistic. Higher costs, with tariffs a major factor, have raised the perceived breakeven cost of production and, as prices slide, the possibility that shale production will cease growing and even decline is very real. Ater all, the price collapse in 2014/2015 saw a drop in production of 0.5 million barrels per day (mb/d); more important, the growth of 1 mb/d per year ended, as the Figure below shows. Now, falling prices and rising costs are the Scylla and Charybdis of the industry, requiring careful steering. The Oil Price Crash and U.S. Shale Data for the Bakken, Eagle Ford and Permian. Without question, reduced upstream activity could mean lower production but how much and how quickly? This was certainly the case in 2014/15, when oil prices dropped by 70% and drilling collapsed. The number of rigs active in the Permian fell from 565 in November 2014 to 137 by April 216, for example, and many producers found themselves wallowing in red ink. Even when the price began to recover in 2016, it remained at half the pre-collapse level until 2018 and never completely recovered, staying below $70 most of the time since. At the moment, a combination of factors has caused oil prices to drop nearly $20 a barrel and the market is the weakest it has been since the depths of the pandemic. Expected macroeconomic weakness is partly responsible, the IEA recently reducing their global oil demand forecast this year by 400 thousand barrels per day (tb/d). While this doesn't sound like a major amount, over the course of the year it would translate into an inventory increase of 150 million barrels. All else being equal. The decision by OPEC+ to accelerate the unwinding of voluntary production cuts in May and June to 410 tb/d from 180 tb/d is clearly the second most important factor, despite the group's argument that global oil inventories are low (very true) and the market can thus absorb the additional supply (not so obvious). What matters is the perception that the group is not protecting the current price and especially that the Saudis are responding to consistent overproduction by some members. The implication is that the OPEC+ safety net is being withdrawn, at least for now, not unlike 2014. Some hope that lower shale oil production will balance the market, but that might be too optimistic. The drilling decline will take time to affect production, despite the argument that high decline rates will cause production to drop quickly. As the figure below shows, in 2014, the price drop reduced drilling roughly three months later. (Figures show the combined rigs active in the Bakken, Eagle Ford, and Permian basins) Given that many small producers rely heavily on cash flow to fund operations, this is not surprising. Larger companies, like ExxonMobil and Chevron, are slower to adjust operations. Rigs Active in 2014 Price Crash Production was slower to respond. The price began dropping in August 2014, but production kept growing until January 2015, albeit at a slower pace, as the Figure above showed. But just as important, the trend changed: whereas production grew by 580 tb/d from January 2014 to July, from July to January 2015, production was flat. A repetition of that performance this year would go far to offset demand weakness due to macroeconomic conditions, removing perhaps 75 million barrels per day from the market. Another facet of this year's market balance cannot be ignored: production from non-OPEC+ countries other than the U.S. The IEA is anticipating, even before the current economic turmoil, that U.S. production would grow slowly this year; other non-OPEC+ countries would account for the bulk of the growth, especially Brazil, Guyana and Canada. In the case of the former two, production increases are from large-scale, long-term developments which will not respond to changes in prices. That U.S. contributed to one-third of non-OPEC production growth in the past two years, but now is due to add less than one-fifth this year and next, means that the amount of price-response production growth is declining, making it more difficult for OPEC+ to use price to balance the market. And while at this point it does not appear that we will experience a price collapse like 1998, when the price dropped to $20 per barrel adjusted for inflation, a more moderate drop now to $50 or so would not have a major impact on current production. Even if the breakeven price for oil shale production is $50, that is the long-run marginal cost which includes capital costs. The short-run marginal costs is typically a fraction of that, given that oil is a very capital intensive industry. Thus, to shut in most existing production would require extremely low prices. More likely, of course, is that the OPEC+ members who have been producing over their quotas, primarily Iraq and the U.A.E. and more recently Kazakhstan, will have their minds concentrated not, as Samuel Johnson would say, by the gallows but by an oil price below $50. Given their repeated promises, largely unkept, it is not clear what it would take for them to convince the Saudis that they are serious this time. Still, as has been true for decades, cooperation and compliance to quotas can yield strong short-term gains which is why the group has been so successful. Longer term trends depend on what price the group ultimately defends. Is this situation like 1985 where plummeting demand necessitated that prices remain lower for a decade and a half? Or like 1998, when a return to quota compliance meant that prices could be allowed to rise? That depends in large part on the U.S. shale oil industry: after the 2014/2015 price collapse, production growth resumed even as prices remained below $60. (Figure below.) Such seems less likely now, but OPEC+ desperately needs shale production to at least be flat and preferably decline. Shale producers, and particularly their petroleum engineers, might not cooperate. U.S. Shale Oil Production (mb/d)
