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Conoco Inc News

29 Jun 2011

Hornbeck Offshore New Directors, Promotion of Exec Officer

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced today that John T. Rynd and Kevin O. Meyers, Ph.D. have been appointed to its Board of Directors (the "Board"), effective June 23, 2011. Mr. Rynd and Dr. Meyers were appointed to fill the vacancies created by a prior resignation and the Board's decision to increase the number of its directors from seven to eight members. In addition, at the Company's Annual Meeting on June 23, 2011, the shareholders reelected Todd M. Hornbeck and Patricia B. Melcher to the Board. John T. Rynd. Since June 2008, Mr. Rynd, 54, has served as the Chief Executive Officer and President, and as a director, of Hercules Offshore, Inc. (NASDAQ: HERO), a publicly traded global provider of offshore contract drilling, liftboat and inland barge services.

23 Apr 2001

Fog May Pose Threat to Gulf Coast Shipping

Fog, which has shrouded parts of the U.S. Gulf of Mexico coast in recent weeks, could remain an intermittent threat to shipping and crude oil imports through April, according to a government meteorologist. In February, March and April sea fogs can form quickly along the Gulf coast as warm moist air heading in from the Gulf hits cooler coastal waters, causing the moisture to condense. “All of a sudden it’s like you drive into a brick wall and the visibility goes down to a sixteenth of a mile. Most ships don’t do much traveling in that,” said National Weather Service meteorologist Kent Prochazka. It’s a phenomenon that can disrupt the steady traffic of crude oil tankers to Gulf Coast terminals and refining centers such as Corpus Christi…

10 Jul 2000

Ship Channel Opening Attempt Fails

The U.S. Coast Guard failed in its weekend attempt to reopen the Lake Charles, Louisiana, ship channel to all ships including large crude oil tankers, a spokesman said. The Coast Guard will now dismantle the sunken dry dock that has since mid-June stopped crude tankers getting to two big Gulf Coast refineries served by the channel. Work will start on Wednesday and take three to four weeks. Currently large crude vessels still cannot get to Conoco Inc.'s 243,000 bpd Lake Charles plant and Venezuelan-owned Citgo Corp.'s 310,000 bpd plant, the spokesman said.

07 Jul 2000

Ship Channel Set To Open Saturday

The U.S. Coast Guard will attempt to reopen the Lake Charles, Louisiana, ship channel to all ships including large crude oil tankers on Saturday, a spokesman said. The Coast Guard will attempt to refloat the sunken dry dock that has since mid-June stopped crude tankers getting to two big Gulf Coast refineries served by the channel. An initial refloat attempt was set for July 3, but work was delayed by mechanical problems. All shipping will be stopped through the channel early on Saturday morning to allow work to go ahead. Currently large crude vessels still cannot get to Conoco Inc.'s 243,000 bpd Lake Charles plant and Citgo Corp.'s 310,000 bpd plant, the spokesman said.

19 Jun 2000

Sunken Drydock Blocks Shipping Channel

A Louisiana shipping channel used to supply crude oil to two big Gulf coast refineries has reopened to most ships but very large vessels may still not be able to get through, the U.S. Coast Guard reported on Monday. A sunken drydock has been blocking the shipping channel in the Calcasieu River, just north of the Intracoastal Waterway, since Tuesday, preventing deepdraft vessels, such as crude oil tankers, from passing through the area. The dry dock is still sunken, and not yet been salvaged," USCG said. "Very large vessels may not be able to bypass the sunken dry dock," it added. The U.S. government last week said it was releasing 500…

18 Aug 2000

Companies to Develop GOM Shuttle Tanker Technology

Conoco Inc. and Maritrans Inc. are jointly developing advanced shuttle tanker technologies to safely transport newly discovered deepwater Gulf of Mexico crude oil reserves to U.S. refineries more economically than current pipeline alternatives. Technologies being evaluated have the potential to greatly reduce the time between discovery and production of deepwater crude reserves. "The industry is actively exploring for the 10 billion barrels of crude oil reserves that are estimated to be contained in the deepwater Gulf of Mexico," said Rob McKee, Conoco executive vice president for exploration production. "Operations in deepwater are expensive, and we are continuously seeking ways to improve the economics of our deepwater program.

18 Aug 2000

Sunken Drydock Removed From Ship Channel

The U.S. Coast Guard has removed the sunken drydock that has been blocking the Lake Charles, Louisiana, ship channel to large crude oil tankers, a spokesman said. "All sections of the sunken drydock have been removed from the Calcasieu River," the spokesman said. "The Army Corps of Engineers is conducting surveys to determine the need for additional dredging to return the channel to its project depth," he added. Until complete restoration of the channel, the Lake Charles pilots will be evaluating the navigable channel to determine beam and draft restrictions for safe passage, it added. The sunken dry dock had since mid-June stopped crude tankers getting to Conoco Inc.'s 243,000 bpd Lake Charles plant and Venezuelan-owned Citgo Corp.'s 310,000 bpd plant.

02 Aug 2000

Conoco, Maritrans To Develop Gulf of Mexico Shuttle Tanker Technology

Conoco Inc. and Maritrans Inc. are jointly developing advanced shuttle tanker technologies to safely transport newly discovered deepwater Gulf of Mexico crude oil reserves to U.S. refineries more economically than current pipeline alternatives. Technologies being evaluated have the potential to greatly reduce the time between discovery and production of deepwater crude reserves. "The industry is actively exploring for the 10 billion barrels of crude oil reserves that are estimated to be contained in the deepwater Gulf of Mexico," said Rob McKee, Conoco executive vice president for exploration production. "Operations in deepwater are expensive, and we are continuously seeking ways to improve the economics of our deepwater program.

30 Aug 2002

ConocoPhillips Merger Completed

ConocoPhillips has completed the merger of Conoco Inc. and Phillips Petroleum Company, following clearance by the U.S. Federal Trade Commission earlier today. Shareholders of both companies and all U.S. and foreign regulatory authorities cleared the merger earlier this year. ConocoPhillips is the third-largest integrated U.S. energy company. On a global basis, it is the sixth-largest publicly held energy company based on hydrocarbon reserves and production, and it is the fifth-largest global refiner. ConocoPhillips has net proved reserves of 8.7 billion barrels of oil equivalent (BOE), daily oil and natural gas production of 1.7 million BOE, and a refining capacity of 2.6 million barrels per day, and has assets of $75 billion.

23 Dec 2002

Delivers First of Four to ConocoPhillips

Conoco, Inc's Domestic Marine Division, Houston, Texas has taken delivery of the first of four 75-ft. by 30-ft. by 10-ft. towboats that feature design, safety and environmental improvements over existing vessels working the inland waterways and the ICWW. Conoco, Inc., merged with Phillip Petroleum Company on August 30, 2002 to form ConocoPhillips a company with $75 billion in assets. The Conoco Marine Division has seven towboats and 14 barges. These 2,000 hp twin-screw vessels are being built by Orange Shipbuilding, Orange, Texas, a division of Conrad Industries of Morgan City, La. and will replace older vessels. "We are raising the bar for towboat design…

15 Nov 1999

R&B Falcon Announces Deepwater Pathfinder Incident

R&B Falcon Corporation announced drillship Deepwater Pathfinder sustained damage when 20 joints of the vessel's riser and its blowout prevention equipment fell to the seabed in approximately 7,000 ft. of water while preparing to continue drilling operations in the Gulf of Mexico offshore Louisiana. None of the personnel aboard the drillship sustained any injury. The drillship's top drive and travelling equipment sustained damage, and an investigation is underway to ascertain the full extent of damages sustained. The marine integrity of the drillship was not affected. No environmental damage resulted from the incident. Deepwater Pathfinder is operated under a long-term bareboat charter by Deepwater Drilling L.L.C., a limited liability company in which affiliates of Conoco Inc.

01 Oct 1999

Conoco, Unocal Find Deepwater Oil Near New Orleans

Conoco Inc. and Unocal Corp. discovered oil with their K2 exploration well in the Green Canyon Block 562 in deep water in the Gulf of Mexico, Conoco said. Work on the well, located about 180 miles (290 km) south of New Orleans, has been suspended to study the significance of the find, a company spokesperson said. The K2 well, started May 17 in 3,900 ft. of water, was suspended to "allow us to plan a safe and cost effective appraisal of the hydrocarbon zone we have encountered, as well as continue to explore the deeper objectives," said Conoco Executive Vice President Rob McKee. McKee also said the well had encountered oil in a high-quality reservoir and the company was encouraged by the results to date, although the commercial significance is yet to be determined.

01 Oct 1999

Conoco Sees Better Earnings Than Expected

Conoco Inc., the sixth-largest U.S. oil company, painted a bright picture of its third-quarter results, saying higher crude oil and natural gas prices should help it beat analysts' current earnings estimates. Chief Executive Archie Dunham told analysts that earnings would be about four to seven cents higher than the consensus of 33 cents a share given by analysts surveyed by First Call/Thomson Financial. "We are very pleased by these results that reflect continued improvement in the business environment and - more importantly - our own operational success," Dunham said in a meeting with analysts in Houston. Coupled with continued growth in oil and gas production…

12 Nov 1999

Commitment for Deepwater Frontier

R&B Falcon Drilling has received a letter of intent from for Petroleo Brasiliero S.A. (Petrobas) for a two-year contract for DP drillship Deepwater Frontier, for operations offshore Brazil in up to approximately 8,900 ft. of water. Deepwater Frontier, capable of drilling in up to 10,000 ft. of water, is owned 60 percent by R&B Falcon Corp. and 40 percent by Conoco. The vessel will sail to Brazil upon completion of its current one-well commitment in West Africa. Operations for Petrobras are expected to commence in November 1999. The current well underway in West Africa and the Petrobras work, will essentially complete all of the R&B Falcon's 2.5-year drilling contract obligation with respect to the rig sharing agreement with Conoco. Conoco Inc. and Unocal Corp.