COP - ConocoPhillips

NYSE - Nasdaq Real-time price. Currency in USD
56.01
-0.12 (-0.21%)
As of 3:07PM EDT. Market open.
Stock chart is not supported by your current browser
Previous close56.13
Open55.79
Bid56.08 x 800
Ask56.09 x 800
Day's range55.41 - 56.49
52-week range50.13 - 74.18
Volume4,479,016
Avg. volume6,667,412
Market cap62.184B
Beta (3Y monthly)0.82
PE ratio (TTM)9.03
EPS (TTM)6.20
Earnings date29 Oct 2019
Forward dividend & yield1.68 (2.99%)
Ex-dividend date2019-07-19
1y target est73.42
Trade prices are not sourced from all markets
  • What’s Behind The Bearish Bias In Oil Markets?
    Oilprice.com

    What’s Behind The Bearish Bias In Oil Markets?

    Oil markets have fallen at the start of this week as bearish fundamentals alongside economic fears force geopolitical risk to take a back seat

  • Top Analyst Reports for Intel, Oracle & Novo Nordisk
    Zacks

    Top Analyst Reports for Intel, Oracle & Novo Nordisk

    Top Analyst Reports for Intel, Oracle & Novo Nordisk

  • I Ran A Stock Scan For Earnings Growth And ConocoPhillips (NYSE:COP) Passed With Ease
    Simply Wall St.

    I Ran A Stock Scan For Earnings Growth And ConocoPhillips (NYSE:COP) Passed With Ease

    It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...

  • Stock Market News For Oct 14, 2019
    Zacks

    Stock Market News For Oct 14, 2019

    Wall Street closed sharply higher on Friday after President Trump said that United States reached first phase of trade deal with China.

  • ConocoPhillips Inks Deal to Sell $1.4B Australia-West Assets
    Zacks

    ConocoPhillips Inks Deal to Sell $1.4B Australia-West Assets

    ConocoPhillips (COP) plans to focus on other projects that are likely to generate significant returns for shareholders in the long run.

  • Santos Targets Asia LNG Growth With $1.4 Billion Conoco Deal
    Bloomberg

    Santos Targets Asia LNG Growth With $1.4 Billion Conoco Deal

    (Bloomberg) -- Santos Ltd. agreed to buy ConocoPhillips’ northern Australia business for $1.4 billion in a deal that will boost the Adelaide-based oil and gas producer’s position in the growing Asian liquefied natural gas market.The transaction may allow Santos to become the country’s largest independent energy producer and capitalize on a push by Asian consumers, including China, to switch to cleaner burning natural gas away from coal. Conoco is selling its operating interests in the Darwin LNG processing plant and the Bayu-Undan, Barossa and Poseidon gas fields.“The acquisition of these assets fully aligns with Santos’ growth strategy to build on existing infrastructure positions, while advancing our aim to be a leading regional LNG supplier,” Santos Chief Executive Officer Kevin Gallagher said in a statement.Santos has been expanding its position in the Australian oil and gas market having acquired Quadrant Energy for about $2.15 billion in 2018. Its latest deal could help it become Australia’s top independent energy producer: Santos and Conoco’s northern Australia assets produced about 94 million barrels of oil equivalent last year, compared to Woodside Petroleum Ltd.’s 91.4 million.Sanford C. Bernstein & Co. analysts said Conoco’s northern Australia business has a net asset value of about $1.8 billion, citing Rystad Energy AS. The deal has “compelling strategic merit,” RBC energy analyst Ben Wilson said in a note to clients, adding that the price looked reasonable based on RBC’s valuation of the assets at around $1.63 billion.Santos, which posted its biggest share gain this year, said it would fund the acquisition from existing cash and $750 million in new two-year debt. Conoco will receive a further $75 million once Barossa enters final investment decision.Conoco is the second U.S. energy major to announce plans to sell down its interests in Australia after Exxon Mobil Corp. in September said it would start a process to find a buyer for its Bass Strait producing assets off the coast of southeast Australia. Conoco completed the sale of its stake in the Greater Sunrise field to Timor-Leste’s government for $350 million earlier this year, and the Santos deal will free up capital to invest in U.S. shale and return cash to shareholders, two of its priorities in recent years.Conoco is also operator of the Australia Pacific LNG export facility in Queensland, which is not part of the Santos deal.Advanced TalksSantos plans to sell 25% of Conoco’s interest in the Darwin LNG export plant to South Korean firm SK E&S as part of the agreement. The company is also in talks with the facility’s joint venture partners, which include Inpex Corp, Tokyo Gas Co. Ltd., Jera Co. and Italy’s Eni SpA, to sell equity in the Barossa field, which has been earmarked to back-fill the Darwin plant once Bayu-Undan reserves run dry around the end of 2022. Santos will target ownership stakes in both the assets of 40%-50%.“What we’re seeking is alignment,” said Gallagher on a media call. “What we’re looking for is people to be balanced on both sides of the joint venture,” he added, referring to partners having stakes in both Darwin LNG and Barossa.Gallagher said the company is in advanced discussions with LNG buyers for gas off-take from Barossa, including with an existing partner in Darwin LNG, and was looking to contract 60%-80% of gas volumes for the project prior to taking a FID, which is expected in early 2020.As an upstream, brownfield project, Barossa was “low risk” compared to new greenfield LNG projects around the world, “and because of that it’s got a very competitive cost of supply,” said Gallagher. Its location close to Asian markets also meant that shipping costs were less than from other competing projects. “It’s got very robust economics, even in this soft market that we find ourselves in today.”Santos has ambitious plans to grow DLNG capacity by up to 10 million tons per annum, compared to 3.7 mtpa currently. Over the longer term, the potentially huge onshore gas shale reserves in the Beetaloo and McArthur Basins could be processed through DLNG, Gallagher said.Santos’s shares ended 5.7% higher in Sydney trading Monday, having risen as much as 7.7% at one point.Following the SK sell-down, Santos’ holding in Darwin LNG is expected to be 43.4%, with SK at 25%, Inpex at 11.4%, Eni at 11%, Jera at 6.1% and Tokyo Gas at 3.1%. Santos will hold 62.5% in Barossa, with SK owning the remaining 37.5%.(Updates share price in sixth and penultimate paragraphs)\--With assistance from Dan Murtaugh.To contact the reporter on this story: James Thornhill in Sydney at jthornhill3@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Aaron Clark, Jasmine NgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    ConocoPhillips agrees to sell Australian assets to Santos for $1.39 bln

    Energy company ConocoPhillips said on Monday it had agreed to sell most of its Australian assets to rival Santos Ltd for $1.39 billion, with the deal expected to close in the first quarter of 2020. The U.S. company said it was selling its stakes in the Darwin LNG plant, which it built, the Bayu-Undan field which feeds the plant, the Barossa-Caldita field which may supply the LNG plant in future, and its Poseidon gas asset.

  • ConocoPhillips quits northern Australia in $1.4 billion sale to Santos
    Reuters

    ConocoPhillips quits northern Australia in $1.4 billion sale to Santos

    ConocoPhillips has agreed to sell its northern Australian business to partner Santos Ltd for $1.39 billion, in a deal that will hike the Australian group's output by 25% and boost its position in the global gas market. The deal, which was not unexpected, marks the second major acquisition by Santos in less than a year, following a sharp turnaround in its fortunes under Managing Director Kevin Gallagher, and pushed its shares up 7% in early trade on Monday. ConocoPhillips, which has been focusing on its U.S. shale assets, will quit the Darwin LNG plant, which it opened in 2006, and gas fields off northern Australia, but hold on to its stake in the Australia Pacific LNG plant in Queensland state.

  • Business Wire

    ConocoPhillips Announces Agreement to Sell Interests in Australia-West for $1.39 Billion

    ConocoPhillips (COP) today announced it has entered into an agreement to sell the subsidiaries that hold its Australia-West assets and operations to Santos for $1.39 billion, plus customary closing adjustments. In addition, the company will also receive a payment of $75 million upon final investment decision of the Barossa development project. The subsidiaries hold the company’s 37.5 percent interest in the Barossa project and Caldita Field, its 56.9 percent interest in the Darwin LNG facility and Bayu-Undan Field, its 40 percent interest in the Poseidon Field, and its 50 percent interest in the Athena Field.

  • America’s Great Shale Oil Boom Is Nearly Over
    Bloomberg

    America’s Great Shale Oil Boom Is Nearly Over

    (Bloomberg Opinion) -- America’s second shale boom is running out of steam. But don’t panic just yet, a third one may be coming over the horizon.The U.S. Energy Information Administration published its latest short-term energy outlook last week and has cut its forecast of oil production by the end of 2020 for the fourth straight month. It now expects American output to rise by just 370,000 barrels a day over the course of next year. That will be the slowest growth in four years and is yet another indicator that the latest period of rapid shale expansion is faltering.The number of rigs drilling for oil in the U.S. has fallen in each of the last 10 months, dropping by a total of 20% since November. And productivity gains are waning. Drilling in the Permian, the most prolific of the shale basins, fell by 11% in the nine months to August, according to the EIA.The development of the U.S. shale patch is a bit like that of a person. During the first growth spurt in the four years to 2014 the industry was in the toddler phase. Everything was new and exciting, the toddlers stuck their fingers (or in this case their drill bits) into everything, just to see what would happen, and they pushed the boundaries in every direction. The toddler developed quickly, but the outside world taught it a hard lesson with a crash in the oil price in 2014.The second boom from 2016 has been more like the adolescent phase. After picking themselves up and learning to live in their changed world, the young adults developed their muscles and concentrated only on the things that interested them (the sweet spots in the shale deposits) to the exclusion of everything else. This focus has brought bigger output gains than the first boom. In the three years between December 2016 and December 2019 output is expected to have increased by 4.2 million barrels a day, compared with 3.9 million barrels a day between December 2010 and December 2014.The biggest challenges of the second shale boom have been identifying and exploiting those sweet spots, consolidating acreage to enable the use of longer wells, and building infrastructure to move the gas and liquids to markets (including overseas).But with a WTI oil price of about $50 a barrel, some in the shale patch are struggling. Shale companies are being forced to produce more to service their high debts, but they aren’t making any surplus profit to cut their borrowing or pay shareholders. Now those investors are starting to demand more of a return.With the crude price seemingly stuck close to where it is — despite the tensions in the Persian Gulf region which flared up again on Friday —  the next round of discussions between the shale producers and their lenders could be difficult. Some mergers may follow.Yet fans of U.S. oil shouldn’t be disconsolate. The end of the second shale boom will usher in a third: the period of young adulthood. This will bring a range of new skills, but production will grow at a more measured pace.This third boom will be driven by the international oil majors and will be characterized by a focus on better extraction, rather than rapid output growth. The application of enhanced oil recovery techniques, consolidation of ownership, automation of drilling, and rationalizing of supply chains will increase the volume of oil extracted over the lifetime of a well and reduce costs. But it won’t deliver the same pace of growth as seen recently.The recovery rate of oil from shale deposits is typically about 5%-10%, but ConocoPhillips has pushed recovery as high as 20% in some parts of the Eagle Ford shale play in Texas, and it could reach 40% under the right circumstances. The upside to the lifetime recovery rate from Eagle Ford would be huge, potentially extending higher production rates for longer.The third shale boom is coming. Just don’t expect it to look like the first two.To contact the author of this story: Julian Lee at jlee1627@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Julian Lee is an oil strategist for Bloomberg. Previously he worked as a senior analyst at the Centre for Global Energy Studies.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero, Marathon and Dril-Quip
    Zacks

    The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero, Marathon and Dril-Quip

    The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero, Marathon and Dril-Quip

  • Crude Prices Hold Steady After Mixed EIA Inventory Data
    Zacks

    Crude Prices Hold Steady After Mixed EIA Inventory Data

    The federal government's EIA report revealed that crude inventories rose by 2.9 million barrels, compared to the 2.4 million barrels increase that energy analysts had expected.

  • Oilprice.com

    Big Oil Tries To Buy Back Investors

    Despite the turbulence in oil & gas markets and soaring volatility, several big oil companies have decided to boost dividends in an attempt to lure investors

  • Oil & Gas Stock Roundup: ExxonMobil & Shell's Q3 Updates, ConocoPhillips' Dividend Hike
    Zacks

    Oil & Gas Stock Roundup: ExxonMobil & Shell's Q3 Updates, ConocoPhillips' Dividend Hike

    ExxonMobil (XOM) and Royal Dutch Shell (RDS.A) issued updates on their upcoming Q3 earnings. Meanwhile, ConocoPhillips (COP) announced a 38% dividend hike combined with a $3 billion share repurchase.

  • ConocoPhillips Rewards Investors With Dividend Hike & Buyback
    Zacks

    ConocoPhillips Rewards Investors With Dividend Hike & Buyback

    ConocoPhillips (COP) focus shifts from absolute production growth to returning shareholders' cash.

  • Reuters - UK Focus

    INSIGHT-Investors get lost in Big Oil's carbon accounting maze

    * Are oil groups responsible for emissions from fuel use? LONDON, Oct 9 (Reuters) - Wide variations in the way oil companies report their efforts to reduce carbon emissions make it difficult to assess the risk of holding their shares as the world shifts away from fossil fuels, senior fund managers say. Fund managers are also applying environmental, social and governance (ESG) criteria more widely in traditional investments to help them judge how companies will fare over the long term.

  • Conoco and Saudi Aramco Know What You Want
    Bloomberg

    Conoco and Saudi Aramco Know What You Want

    (Bloomberg Opinion) -- Discretion won't get you anywhere with oil investors these days. They want pledges, not plans.ConocoPhillips is bumping up its dividend by 38%. The company also issued guidance for buybacks next year of $3 billion, down from this year’s expected $3.5 billion. The dividend increase is roughly the size of that $500 million difference. It seems to be worth more, though: Conoco was one of only a few large-cap oil stocks to close up on Monday, adding about $1.7 billion of market cap relative to the sector.(1)Dividends, like stock buybacks, are technically discretionary, but boards are loath to cut them except in dire circumstances. Conoco has a history here, having come unstuck in early 2016 when oil prices troughed. Even after the latest raise, the new dividend is still 43% lower than back then. Buybacks have helped make up that gap in cash terms, albeit with something of an out if things turned sour again. So Conoco effectively taking $500 million from the prospective buyback column and putting it in the dividend pledge signals confidence in its ability to weather any storm – which isn’t nothing, given how ugly 2020 might be. Similarly, a certain ginormous national oil company with its eye on an IPO has gone all out to convince investors that future  dividends are as good as in their pockets. Saudi Arabian Oil Co. issued guidance last week of a “base dividend” of $75 billion in 2020, albeit “at the board's discretion.” As I wrote here, even Saudi Aramco’s prodigious profits may not necessarily cover that if Brent crude averages $60 rather than $70.As it turns out, Aramco’s website now hosts an updated presentation with a whole new slide on its “dividend prioritisation mechanism,” which is a fancy way of saying it will guarantee a minimum payment to minority shareholders for five years; like a temporary preferred stock. They would get a minimum of their pro-rata share of a $75 billion dividend regardless of whether Aramco actually paid that in total, while the government would just get their portion of whatever actual amount was declared. In other words, if investors end up buying 5% in an IPO, they would get a collective payout of at least $3.75 billion a year through 2024, come what may.The cost to the government in terms of potentially foregone payments looks negligible. Even if Aramco’s crude oil output averaged just 9.5 million barrels a day and Brent averaged just $55 a barrel, Riyadh would forego an aggregate $5 billion in payments spread across five years (using my numbers and assuming a 5% free float).Even so, the sudden switch from the “board’s discretion” to we’ll-pay-come-what-may is striking. It fits with the recently announced change in Aramco’s royalty rates, which effectively negate any gains for investors if oil spikes above $100 but boost the capacity to pay dividends at today’s levels. Aramco’s owner wants this IPO done at a high valuation and appears to recognize nobody’s buying oil companies today because of what oil might do in the future; rather, they’ll consider it if there’s a steady check guaranteed upfront.While oil companies compete in terms of free cash flow yields, they’re all fighting for attention in a stock market that has become largely indifferent to the sector. Conoco has actually been an exemplar of prioritizing payouts and cutting costs since 2016, yet its stock has languished so far this year. The dividend bump, coming a month before a strategy update, feels like an attempt to reset things, taking Conoco’s yield above 3% to a wider relative yield premium – or valuation discount – versus the market. French oil major Total SA also announced a dividend hike a couple of weeks ago, essentially promising to pay out every cent of an anticipated $5 billion increase in projected cash flows through 2025. Exxon Mobil Corp., meanwhile, continues its long track record of raising its dividend but finds its stock now yields north of 5% anyway, close to its highest levels ever since the merger with Mobil. That may reflect the long absence of buybacks, which, for this company, were once regarded as a given. However, it may have more to do with the fact that Exxon is effectively borrowing to pay its current dividend.Buybacks remain useful window displays for company management; certainly, Chevron Corp.’s resumption of them has helped put Exxon in the shade. Yet, as Dan Pickering, chief investment officer at Pickering Energy Partners, puts it: “A dividend is a promise and share repurchase is a goal.” Dividends offer a surer constraint on capex budgets and more of an obligation to pay out cash sooner rather than later in a sector grappling with intimations of mortality. Investor decks emphasize resilience against adversity rather than dangling the prospect of a windfall. Even Aramco has had to take the extraordinary step of guaranteeing a payout, which doesn’t exactly scream bullishness on oil.Markets are often said to be driven by just two emotions: fear and greed. The majors’ shifting payout priorities appear to be a perfect synthesis of the two.(1) Conoco's stock was up 2.1% versus the Energy Select Sector SPDR Fund's 0.9% decline.To contact the author of this story: Liam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero Energy, Phillips 66 and Marathon Petroleum
    Zacks

    The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero Energy, Phillips 66 and Marathon Petroleum

    The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero Energy, Phillips 66 and Marathon Petroleum

  • Things You Should Know About the EIA Crude Inventory Report
    Zacks

    Things You Should Know About the EIA Crude Inventory Report

    The federal government's EIA report revealed that crude inventories rose by 3.1 million barrels, compared to the 1.3 million barrels increase that energy analysts had expected.

  • Business Wire

    ConocoPhillips Announces 38 Percent Increase in Quarterly Dividend; Expects to Repurchase $3 Billion of Shares in 2020; Reiterates Continued Commitment to Return More Than 30 Percent of Cash From Operations Annually Via Dividend and Buybacks

    ConocoPhillips (COP) today announced an increase in its quarterly dividend of 38 percent, to 42 cents per share. This represents an annualized increase in the dividend of approximately $500 million. “This increase in our ordinary dividend reflects the significant transformation our company has undergone over the past few years,” said Ryan Lance, chairman and chief executive officer.

  • Investing.com

    Stocks - GE, Dish, ConocoPhillips Rise in Premarket; GM Falls

    Investing.com -- Stocks in focus in premarket trade on Monday:

  • Noble (NBL) Ups Sales Volume View From Offshore Israel Assets
    Zacks

    Noble (NBL) Ups Sales Volume View From Offshore Israel Assets

    Noble Energy (NBL) announces an upward revision in the projection of volumes of natural gas to be supplied from Leviathan and Tamar fields located offshore Israel.

  • Conoco’s Shift to Keep Canadian Synthetic Oil Under Pressure
    Bloomberg

    Conoco’s Shift to Keep Canadian Synthetic Oil Under Pressure

    (Bloomberg) -- ConocoPhillips’s shift to a cheaper substitute to dilute the thick bitumen coming from its oil-sands operations may deal a blow to companies that turn heavy oil into more-valuable lighter grades.The company currently uses synthetic crude produced in local upgraders to thin out the bitumen extracted from wells at its 150,000 barrel-a-day Surmont site. But by end of the fourth quarter, Surmont will be able to switch to using condensate -- a very light hydrocarbon produced from natural-gas wells -- as a diluent instead, according to documents submitted to the Alberta Energy Regulator.Using condensate to dilute the heavy crude so it can flow through pipelines has some advantages. While an entire barrel of synthetic crude is typically needed to dilute one barrel of raw bitumen, half a barrel of condensate is needed. Also, condensate is almost $3 a barrel cheaper, according to data compiled by Bloomberg.“Work to enable our Surmont 2 central processing facility to utilize either condensate or synthetic crude oil is nearly complete,” Katherine Springall, spokeswoman for ConocoPhillips Canada, said in an email. “While we currently use a small percentage of condensate in our blend, this work, when complete, will allow us to use either diluent in order to react to changing market conditions.”A switch by the Surmont operation to 100% condensate would amount to more than 10% of the total volume of synthetic crude produced in Canada, according to Canadian Energy Regulator data. That loss of demand may depress prices of synthetic crude, hurting companies such as Suncor Energy Inc. and Canadian Natural Resources Ltd. that process bitumen in refinery-sized plants called upgraders to make the lighter grades. Neither company returned emails seeking comment.Sturgeon RefinerySurmont isn’t the only headwind for synthetic crude demand. By year-end, the North West Redwater Partnership’s 79,000 barrel-a-day Sturgeon refinery in Alberta is poised to start processing bitumen rather than the synthetic crude it’s been using since early last year.Synthetic crude prices have weakened ahead of the changes. After trading at a premium to West Texas Intermediate futures since June, the grade flipped to a discount last week and is now trading at $1.10 a barrel below WTI, data compiled by Bloomberg show. Edmonton condensate strengthened Tuesday, with the discount shrinking $1.05 to $3.60 a barrel.Oil-sands producers have been switching to condensate from synthetic for several years after upgrader breakdowns caused shortages. Cnooc Ltd.’s Long Lake site, as well as Surmont, were forced to throttle back output two years ago after Syncrude Canada Ltd.’s upgrader went down. Athabasca Oil Corp.’s Leismer site, previously owned by Equinor ASA, switched to condensate before the Syncrude disruption.The loss of local consumption from Surmont and Sturgeon could be partly offset by demand from refiners elsewhere, Kevin Birn, IHS Markit’s director of North American crude oil markets, said by telephone. International regulations will require oceangoing ships to burn lower-sulfur fuel oil or diesel starting next year, a change that is expected to boost refiners’ thirst for lighter, lower-sulfur grades of crude that yield higher-quality fuel.“Synthetic crude is particularly attractive in that world,” Birn said.But an increase in exports would place more pressure on Canada’s already-rationed pipelines, according to Birn. Alberta’s largest oil producers are under mandatory production limits after delays in building new lines caused local oil prices to collapse last year.(Adds condensate price in seventh paragraph)To contact the reporter on this story: Robert Tuttle in Calgary at rtuttle@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Catherine Traywick, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 1-Chrysaor completes acquisition of Conoco's UK North Sea assets

    North Sea oil producer Chrysaor completed on Monday a $2.675 billion acquisition of ConocoPhillips' British North Sea oil and gas business, cementing the private equity-backed firm's position as one the basin's top producers. The Conoco assets will add around 72,000 barrels of oil equivalent per day to Chrysaor's production, bringing their total output in the first half of 2019 to 195,000 boed, Chrysaor said in a statement. Chrysaor Chief Executive Officer Phil Kirk said production is expected to average below 195,000 boed in 2019 and between 180,000 to 190,000 boed next year.

By using Yahoo, you agree that we and our partners can use cookies for purposes such as customising content and advertising. See our Privacy Policy to learn more