Providing coverage of Alaska and northern Canada s oil and gas industry
Retrenching to survive
Kay Cashman
Petroleum News
ConocoPhillips Alaska said Feb. 15 that 8-9% of its staff of 1,100 will either be laid off or accept voluntary severances - this is a separate action from the Feb. 13 layoffs connected to the appellate court decision on the Willow project (see story on this page).
Instead, the employee layoffs are related to ConocoPhillips acquisition of Texas-based Concho Resources last fall, after which employee cuts were expected company-wide.
An EIO (expression of interest) for voluntary severance was issued to employees in early December as part of that process, ConocoPhillips Alaska spokeswoman Natalie Lowman told Petroleum News Feb. 16.
Provided by Business Wire
ConocoPhillips Reports Fourth-Quarter and Full-Year 2020 Results; Announces Quarterly Dividend
The 2020 results discussed herein reflect the performance of ConocoPhillips prior to the acquisition of Concho, which closed in January 2021.
ConocoPhillips (NYSE: COP) today reported a fourth-quarter 2020 loss of $0.8 billion, or ($0.72) per share, compared with fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share. Excluding special items, fourth-quarter 2020 adjusted earnings were a loss of $0.2 billion, or ($0.19) per share, compared with fourth-quarter 2019 adjusted earnings of $0.8 billion, or $0.76 per share. Special items for the current quarter were primarily due to non-cash impairments related to the Alaska North Slope Gas asset and non-core assets in Lower 48, in addition to exploration-related expenses in Other International, partially offset by an unrealized gain on Cenovus Energy equity.
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