ConocoPhillips, Qatar Petroleum Sign MOU
ConocoPhillips and Qatar Petroleum International (QPI) announced that the two companies have signed a Memorandum of Understanding (MOU) to pursue and develop international energy projects outside of Qatar. The MOU was signed on behalf of QPI by His Excellency Abdullah bin Hamad Al-Attiyah, Deputy Prime Minister and Minister of Energy and Industry of Qatar, and by James J. Mulva, ConocoPhillips chairman and chief executive officer. Senior officials from both parties also attended the event, including Nasser Al-Jaidah, QPI chief executive officer, and William Bullock Jr., ConocoPhillips president, Middle East and North Africa. "Today's signing marks another milestone in Qatar Petroleum's realizing our ambition of becoming a leading global energy company…
ConocoPhillips to Acquire Burlington Resources
Already one of the most aggressive spenders on future supplies, ConocoPhillips CEO James J. Mulva is now poised to make another huge deal: a $30-billion plus acquisition of Burlington Resources (BR), according to a Business Week report. Buying BR would be a giant bet on a red-hot U.S. natural gas market. While Burlington has international operations in Algeria, China, and Latin America, 84% of its reserves are in North America. With U.S. gas prices at record highs, ConocoPhillips is betting that supplies will remain tight for many years, according to the report. The move by ConocoPhillips would round out its expansion strategy. The company recently added capital spending to boost output at its U.S.
