Masp, Oxy, & Cop: Conocophillips Reports Their Second-quarter Earnings Of $4.2 Billion

Mass Petroleum Inc

Mass Petroleum Inc. (OTCBB: MASP) announced this week that it has entered into a non-binding Letter of Intent with JKA Ventures Corp. for the purchase of 100% of JKAs working interest in the Walnut, Southeast Field in Crawford, Kansas for a total purchase price of $800,000. Mass Petroleum is currently in the process of conducting due diligence. Upon the completion of the due diligence period, it will be required to make a 10% deposit. The transaction is expected to close by September 1, 2010, subject to satisfactory due diligence and the successful negotiation of the final form of contract.

This is exciting news for Mass Petroleum, which is an oil and gas production company that has been focusing its efforts on acquiring oil and natural gas wells, interests and leases from existing companies or governmental bodies.

About Mass Petroleum Inc:

Mass Petroleum Inc is engaged in oil and gas exploration and production. The company is expanding its business through acquisitions of exploration stage oil and gas wells by means of leases or buying substantial interest in them. The company has work force of most experienced professional in oil and gas sector. As on November 30th, 2009 the company reported its three exploration properties in Oklahoma with 2.34 percent interest in their ownership. The companys main focus is in oil and gas leases and interest ownership in medium sized oil and natural gas production properties. Mass Petroleum is also looking forward to acquire non operational interests and exploration interests in producing wells.

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Occidental Petroleum Corporation (NYSE: OXY)

OxyChem is an international oil and gas exploration and production company, and its OxyChem subsidiary is a major North American chemical manufacturer. OxyChem is the fourth-largest U.S. oil and gas company, based on market capitalization of $66 billion at year-end 2009, with nearly 30,000 employees and contractors on four continents. Oxy engages in oil and natural gas exploration and production in three core regions: the United States, Middle East/North Africa and Latin America. OxyChem are a worldwide leader in applying advanced technology to boost production from mature oil and natural gas fields and access hard-to-reach reserves.

Occidental Petroleum Corporation has recently reported a net income of $1.1 billion ($1.31 per diluted share) for the second quarter of 2010, compared with $682 million ($0.84 per diluted share) for the second quarter of 2009.

In announcing the results, Dr. Ray R. Irani, Chairman and Chief Executive Officer, said, "The second quarter 2010 net income of $1.1 billion was a 56-percent increase over the same period of 2009. The second quarter 2010 production was 743,000 BOE per day, a 3.6-percent increase from the second quarter of 2009 despite losing 29,000 BOE per day from the effect of production sharing and similar contracts. We continue to generate significant cash flow with the first six months of 2010 results generating cash flow from operating activities of $4.3 billion. Free cash flow after capital spending and dividends was over $2 billion."

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Conoco Phillips (NYSE: COP)

ConocoPhillips operates as an integrated energy company worldwide. It operates through six segments: Exploration and Production (E&P), Midstream, Refining and Marketing (R&M), LUKOIL Investment, Chemicals, and Emerging Businesses. The E&P segment explores for, produces, transports, and markets crude oil, natural gas, natural gas liquids, and bitumen. It also mines deposits of oil sands in Canada to extract the bitumen and upgrade it into a synthetic crude oil. The Midstream segment gathers, processes, and markets natural gas; and fractionates and markets natural gas liquids in the United States and Trinidad.

Today, ConocoPhillips has reported their second-quarter earnings of $4.2 billion, compared with second-quarter 2009 earnings of $0.9 billion. Excluding a net benefit of $1.7 billion, primarily from dispositions and an impairment, second-quarter 2010 adjusted earnings were $2.5 billion, or $1.67 per share.

ConocoPhillips and LUKOIL have reached an agreement under which approximately 64.6 million Russian registered shares will be purchased by LUKOIL for $3.44 billion. These shares represent a 7.6 percent interest in LUKOIL, or 40 percent of ConocoPhillips 163.3 million shares currently owned. This transaction is expected to close in the third quarter of 2010. The remaining 60 percent owned by ConocoPhillips are depositary receipts and are expected to be sold in open market transactions or to LUKOIL by the end of 2011.

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by: Blayne Sheffield

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