Extract
Conoco Announces 2002 First Quarter Earnings.
Business/Energy Editors
HOUSTON--(BUSINESS WIRE)--April 25, 2002 Conoco (NYSE:COC) -- Conoco Canada redeemed Cdn $578 million ($364 million) publicly traded preferred shares, as well as Cdn $100 million ($67 million) medium-term notes and $20 million senior notes. These steps completed the refinancing of the Gulf Canada acquisition and will lower both borrowing and administrative costs. -- An agreement was reached between the Alberta Provincial Crown and the Surmont Producer Group (SPG) to allow development of the large bituminous oil sands reserve at the Surmont project in Alberta. -- A Canadian tribunal settlement resolved a long-term offshore border dispute between Nova Scotia and Newfoundland, paving the way for the exploration of potentially large-scale oil and natural gas reserves in the region. -- A Memorandum of Understanding was signed between Gulf Indonesia and an Indonesian state-owned gas distribution/transmission company to sell up to 50 million cubic feet per day of natural gas from South Sumatra for the Batam Island market. Conoco (NYSE:COC) today said lower natural gas and crude oil prices, as well as very weak downstream margins, led to sharply lower earnings for the quarter. Conoco posted net income of $104 million, or 16 cents per diluted share, after recognizing a 16-cent per share current period, non-cash charge for the mark-to-market p...See the full content of this document
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