RE:RE:RE:GAS For ## 2 PIPELINE
link:https://www.investorvillage.com/mbthread.asp?mb=17397&nhValue=37790&nmValue=37830&dValue=1&tid=15961963&showall=1 CNE has 20% WI in VMM3. "ConocoPhillips COP +0.06% posted first quarter earnings before the bell on Thursday. Hitting profit estimates, Conoco is still in transition mode after having spun off its refining and marketing business through Phillips 66 PSX +0.62%. Conoco reaffirmed its production guidance and announced two big discoveries in the Gulf of Mexico, along with its intention to start drilling in a shale field in Colombia in the second quarter. ConocoPhillips is at the forefront of the debate in the oil industry, having decided to get rid of its lower-margin downstream business and concentrate on exploration and production. The Houston, Texas-based oil and gas producer saw adjusted earnings come in flat at $1.8 billion in the first quarter, or $1.42 per share which came in line with Wall Streets consensus estimate. Still in the process of selling assets and streamlining its operations, Conocos total revenue fell 10% to $14.65 billion, but still beat the estimate which called for $12.79 billion in sales. The company is betting on the U.S. energy miracle, investing $1.28 billion (38% of total quarterly capex) in the liquids-rich Eagle Ford, Bakken Field, and Permian Basin; production there was up 42%. Part of that spend also went to Colombia, where Conoco is expected to begin drilling at the La Luna shale field in the second quarter. "