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BUSINESS
January 29, 2009 | From Times Wire Reports
Signaling that Big Oil's heyday is over for now, ConocoPhillips posted an enormous fourth-quarter loss, driven by $34 billion in asset write-downs and plunging crude prices. It also gave a dire forecast for the next couple of years. Chairman and Chief Executive Jim Mulva said the nation's third-largest oil company was preparing for a "significant, multiyear recession." The Houston-based company's net income for the October-December period amounted to a loss of $21.37 a share, compared with a profit of $4.4 billion, or $2.71 a share, a year earlier.
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NEWS
April 10, 2013 | By Kim Murphy
  SEATTLE - A third major oil company has announced it is backing off from  offshore drilling in the U.S. Arctic, with ConocoPhillips saying it will put its planned 2014 operations in the Chukchi Sea on hold because of “regulatory uncertainty.” In a statement Wednesday, the company said that “evolving” federal regulations and permitting standards, put into play in the wake of Shell's troubled Arctic drilling debut last year, made...
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BUSINESS
August 28, 2008 | Martin Zimmerman, Times Staff Writer
Houston-based ConocoPhillips became the latest big oil company to get out of the filling station business, agreeing Wednesday to sell its last 600 U.S. gasoline stations to PetroSun Fuel of Seattle. The purchase price wasn't disclosed, but published estimates of $800 million were considered close to the mark. The stations, largely on the West Coast, operate under the Conoco, Phillips 66 and 76 brands. PetroSun, which has been accumulating stations, said it planned major upgrades in product offerings to focus on the more profitable convenience store side of the business.
BUSINESS
January 26, 2012 | By Ronald D. White, Los Angeles Times
Occidental Petroleum Corp. kicked off what was expected to be a parade of healthy earnings reports for the oil industry, announcing a fourth-quarter profit gain of 35% on the strength of high oil prices and record U.S. crude production. Occidental's fourth-quarter net income of $1.6 billion, or $2.01 a share, compared with $1.2 billion, or $1.49 a share, in the same quarter of 2010. Occidental's revenue jumped 19% for the quarter to $6 billion. Analysts polled by Thomson Reuters had been expecting earnings of $1.95 a share and sales of $5.8 billion.
CALIFORNIA | LOCAL
January 16, 2012 | By Victoria Kim, Los Angeles Times
A "major emergency" fire that consumed most of a two-story office building Monday at a ConocoPhillips oil refinery was knocked down and did not affect any other refinery facilities, officials said. The knockdown was declared shortly after 8 a.m., nearly four hours after the fire was reported, according to Los Angeles Fire Department spokesman Matt Spence. A total of 166 firefighters battled the blaze, which was limited to an administrative building. "This free-standing structure was located some distance away from the refinery itself," Spence said.
CALIFORNIA | LOCAL
March 15, 2010 | By Maura Dolan
The South Coast Air Quality Management District improperly permitted an oil refinery to implement a new industrial process without an environmental review even though the project might have caused substantially more air pollution, the California Supreme Court unanimously decided Monday. The state high court faulted the air quality district for determining that the project by ConocoPhillips Co. in Wilmington would not significantly hurt the environment. The court said the air district applied the wrong base rate when calculating the effect of the emissions.
BUSINESS
April 13, 2010
COURTS Broadcom prevails in patent fight A federal appeals court in Washington sided with Irvine-based Broadcom Corp., ruling that the SiRF microchip used in some navigation devices violated Broadcom patents. The decision upheld an infringement finding and import ban issued last year by the U.S. International Trade Commission that barred SiRF and devices containing SiRF chips made by Pharos Science & Applications Inc., Mitac International Corp.'s Mio Technology and E-TEN Corp.
BUSINESS
April 17, 2007 | From Reuters
Oil company ConocoPhillips and meat producer Tyson Foods Inc. plan to work together to produce biodiesel from animal fat, the companies said. Beef, pork and chicken fat from Tyson rendering plants will be processed at ConocoPhillips refineries to create transportation fuel. ConocoPhillips, the third-largest U.S. oil company, said it planned to spend about $100 million over a 3- to 5-year period to prepare several refineries to process the fuel.
BUSINESS
January 30, 2003 | From Bloomberg News
ConocoPhillips, the third-largest U.S. oil company, had a loss of $410 million in the fourth quarter after more than $1 billion in expenses to sell or close hundreds of service stations eroded the benefit of rising prices. ConocoPhillips, which was created by the Aug. 30 merger of Conoco Inc. and Phillips Petroleum Co., had a per-share loss of 60 cents, the company said. That compares with a net income of $162 million, or 42 cents, in the same period of 2001. Revenue rose to $23.
BUSINESS
May 16, 2006 | From the Associated Press
Berkshire Hathaway Inc., billionaire Warren Buffett's investment company, disclosed stakes in ConocoPhillips, General Electric Co. and United Parcel Service Inc. as part of regulatory filings detailing the company's $45.8-billion stock portfolio. The documents filed with the Securities and Exchange Commission on Monday are the first to mention Berkshire's holdings in ConocoPhillips because Berkshire had sought confidential status for its investment in the company, which was initiated last year.
CALIFORNIA | LOCAL
January 16, 2012 | By Victoria Kim, Los Angeles Times
A "major emergency" fire that consumed most of a two-story office building Monday at a ConocoPhillips oil refinery was knocked down and did not affect any other refinery facilities, officials said. The knockdown was declared shortly after 8 a.m., nearly four hours after the fire was reported, according to Los Angeles Fire Department spokesman Matt Spence. A total of 166 firefighters battled the blaze, which was limited to an administrative building. "This free-standing structure was located some distance away from the refinery itself," Spence said.
WORLD
July 14, 2011 | By Jonathan Kaiman, Los Angeles Times
China is moving to contain two oil spills in the Bohai Sea off the nation's northeast coast amid complaints from environmental groups and online activists that it took weeks for government regulators and an oil company to publicly disclose the incidents. The spills occurred below two platforms jointly owned by U.S. energy giant ConocoPhillips' China subsidiary and the state-owned China National Offshore Oil Corp., or CNOOC, creating a 320-square-mile oil slick that's reportedly spreading.
BUSINESS
April 13, 2010
COURTS Broadcom prevails in patent fight A federal appeals court in Washington sided with Irvine-based Broadcom Corp., ruling that the SiRF microchip used in some navigation devices violated Broadcom patents. The decision upheld an infringement finding and import ban issued last year by the U.S. International Trade Commission that barred SiRF and devices containing SiRF chips made by Pharos Science & Applications Inc., Mitac International Corp.'s Mio Technology and E-TEN Corp.
CALIFORNIA | LOCAL
March 15, 2010 | By Maura Dolan
The South Coast Air Quality Management District improperly permitted an oil refinery to implement a new industrial process without an environmental review even though the project might have caused substantially more air pollution, the California Supreme Court unanimously decided Monday. The state high court faulted the air quality district for determining that the project by ConocoPhillips Co. in Wilmington would not significantly hurt the environment. The court said the air district applied the wrong base rate when calculating the effect of the emissions.
BUSINESS
May 9, 2009 | Associated Press
Billionaire Warren Buffett's company reported a $1.5-billion first-quarter loss as it wrote down its ConocoPhillips investment and mostly unrealized derivative losses helped drag Berkshire Hathaway Inc.'s results below last year's earnings of roughly $900 million. Berkshire Hathaway said Friday that it recorded a loss of $990 a share in this year's first quarter, down from profit of $607 per Class A share in the same period a year earlier.
BUSINESS
January 29, 2009 | From Times Wire Reports
Signaling that Big Oil's heyday is over for now, ConocoPhillips posted an enormous fourth-quarter loss, driven by $34 billion in asset write-downs and plunging crude prices. It also gave a dire forecast for the next couple of years. Chairman and Chief Executive Jim Mulva said the nation's third-largest oil company was preparing for a "significant, multiyear recession." The Houston-based company's net income for the October-December period amounted to a loss of $21.37 a share, compared with a profit of $4.4 billion, or $2.71 a share, a year earlier.
BUSINESS
January 26, 2006 | From Bloomberg News
ConocoPhillips, the third-largest U.S. oil company, said fourth-quarter profit jumped 51% as rising demand and supply disruptions lifted energy prices. Net income climbed to $3.68 billion, or $2.61 a share, from $2.43 billion, or $1.72, a year earlier, the Houston-based company said Wednesday. Revenue rose 30% to $52.2 billion. ConocoPhillips and other oil companies reaped record earnings last year as energy prices surged to all-time highs. U.S. crude-oil futures averaged $60.
BUSINESS
April 12, 2007 | From the Associated Press
ConocoPhillips on Wednesday became the first major U.S. oil company to join a corporate/environmental coalition urging Congress to require limits on greenhouse gases tied to global warming. The decision could give the Houston-based company an important voice in helping to guide legislation that might alter the way the industry produces fuel -- and almost certainly make that production more costly, analysts say. ConocoPhillips became the newest member of the U.S.
BUSINESS
January 17, 2009 | Andrea Chang and Martin Zimmerman
Bankrupt Circuit City Stores Inc. said Friday it was closing its 567 U.S. electronics stores and leaving its 34,000 employees jobless as the nation's employment picture grew bleaker. It was the worst day this year for news of layoffs, bank losses and store closings, and employers signaled more bad news ahead. Car rental firm Hertz Global Holdings Inc., oil producer ConocoPhillips, chip maker Advanced Micro Devices Inc. and health insurer WellPoint Inc.
BUSINESS
August 28, 2008 | Martin Zimmerman, Times Staff Writer
Houston-based ConocoPhillips became the latest big oil company to get out of the filling station business, agreeing Wednesday to sell its last 600 U.S. gasoline stations to PetroSun Fuel of Seattle. The purchase price wasn't disclosed, but published estimates of $800 million were considered close to the mark. The stations, largely on the West Coast, operate under the Conoco, Phillips 66 and 76 brands. PetroSun, which has been accumulating stations, said it planned major upgrades in product offerings to focus on the more profitable convenience store side of the business.
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