Qatar Petroleum will invite Exxon (NYSE: XOM), Chevron (NYSE: CVX), and ConocoPhillips (NYSE: COP) for talks to form a joint venture to expand gas production at the country’s North Field, energy minister, and QP chief Saad Al-Kaabi tells Bloomberg.
Qatar wants to “de-risk the project as much as possible” before negotiating with potential partners and will outline project costs to cop stock at https://www.webull.com/newslist/nyse-cop companies so investors will “come in with open eyes and understanding the costs,” Al-Kaabi says.
While the coronavirus pandemic has not hit the gas as hard as oil, Al-Kaabi says Qatar Petroleum will cut its capital and operating expenditure by 30% due to weak energy prices.
Long-time ConocoPhillips CFO Wallette to retire
ConocoPhillips (NYSE: COP) says executive VP and CFO Don Wallette will retire effective Aug. 31, concluding a 39-year career with the company. Bill Bullock, currently president of Conoco’s Asia Pacific Middle East unit, will become EVP and CFO on Sept. 1. Bullock has 34 years of experience in leading engineering, operations, commercial, and business development functions across the company.
Warren Buffett Sold Phillips 66 — Here’s Why I’m Holding (and May Buy More)
This quarter’s Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) 13-F filing with the Securities and Exchange Commission — the document that discloses the company’s massive stock portfolio holdings at the end of the prior quarter — surprised a lot of investors. We already knew that Buffett sold Berkshire’s stake in the major airlines, but we didn’t know what the Oracle of Omaha bagged with his elephant gun. Turns out, not much of anything: Berkshire was by far a net seller in the quarter.
One of the cop stock that Buffett unloaded in the quarter was Phillips 66(NYSE: PSX). Not only Phillips 66 is a personal holding, but it’s also the oil stock I’ve touted the most as being worth buying in the coronavirus crash. And despite Buffett’s decision to move on from my favorite oil stock, I’m not changing my view. On the contrary: It’s still on my radar as a company I’m interested in buying more of.
From the biggest shareholder to a steady seller
Warren Buffett seems to have an occasional infatuation with Phillips 66 that started before it was even a stand-alone company. In 2008, Buffett invested billions in ConocoPhillips(NYSE: COP), but at the time it was an integrated oil and gas company, not the independent producer we know it as today, resulting from the 2012 spinoff of Phillips 66 as a separate company. If you want to know more stock information like lone stock, you can visit at https://www.webull.com/newslist/nasdaq-lone.