) wholly owned subsidiary Polar Tankers, Inc. received the Rear
Admiral William M. Benkert Osprey Award for Environmental
Excellence from The United States Coast Guard (USCG). Vice Admiral
Peter Neffenger, the USCG 29th Vice Commandant, presented the award
on Wednesday at the American Petroleum Institute Tanker Conference.
The Benkert awards were created to recognize outstanding
achievements in marine environmental protection that go beyond
industry and regulatory standards. A committee reviews and scores
award applications submitted biennially by maritime operators. The
Osprey-level Benkert award is the highest environmental award given
by the USCG.
Polar Tankers is a wholly owned subsidiary of ConocoPhillips that
includes five company-owned, double-hulled tankers, each with a
million-barrel capacity and state-of-the-art redundant systems for
environmental safety. The company operates these Endeavour-class
tankers in the Trans-Alaskan Pipeline System (TAPS) trade, loading
crude oil in the Port of Valdez, AK, and delivering to terminals
within Puget Sound, WA; San Francisco and LA/Long Beach, CA; and
ConocoPhillips holds leading positions in both natural gas and
heavy crude oil acreages in North America, as well as a legacy
position in the North Sea and growing exposure to lucrative
international regions. The Houston, TX-based company thus looks
forward to replacing reserves and sustaining production growth over
the long term.
ConocoPhillips' initiatives toward liquids-rich plays are gaining
momentum through the Eagle Ford, Bakken and Permian plays. The
company is also poised to benefit from a pipeline of projects in
the Gulf of Mexico, Malaysia, the liquefied natural gas project in
Australia, the U.K., Norway, and the Canadian oil sands, apart from
the US Lower 48 liquids-rich plays. Oil sands expansion projects
are also on track.
Since Apr 2012, when the company spun off its refining operations
), it has delivered total shareholder returns of 22%.
ConocoPhillips' complete shift of focus to upstream operations and
thus oil and gas prices play a major role in determining its
performance. The company plans to expand production by maintaining
its growth focus on reserves, through global drilling programs in
legacy assets, unconventional assets and major projects.
ConocoPhillips' margin growth would also be aided by its shift of
production mix to higher-value products. The company expects to
spend $16 billion on average annually and allocate 95% of its
capital to investments that deliver above-average margins. The
recent activity targets offshore prospects in Australia, Angola and
Senegal, conventional exploration in Norway and Indonesia, and
unconventional exploration in North America, Poland and Colombia.
ConocoPhillips currently holds a Zacks Rank #2 (Buy). Other
better-ranked stocks in the oil and gas sector include
Matrix Service Company
), both sporting a Zacks Rank #1 (Strong Buy).
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