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4-Traders Homepage  >  Equities  >  Nyse  >  ConocoPhillips    COP

CONOCOPHILLIPS (COP)
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Oil Companies Want City's Suit Dismissed -- WSJ

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06/14/2018 | 08:48am CEST

By Gerald Porter Jr.

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (June 14, 2018).

Lawyers for five major oil companies asked a federal judge Wednesday to dismiss a lawsuit filed by New York City, arguing they shouldn't be held responsible for damages the city says are caused by climate change.

In January, the administration of Mayor Bill de Blasio, a Democrat, sued five companies -- Chevron Corp., BP PLC, ConocoPhillips, Royal Dutch Shell PLC, and Exxon Mobil Corp. -- arguing they knowingly produced fossil fuels that hurt the environment and misled the public about potential risks.

In the lawsuit, the city isn't asking the companies to change their behavior. Instead, it is seeking billions of dollars in damages it says it needs to protect New York City residents from rising sea levels, erosion and other conditions it says are caused by climate change.

In Manhattan federal court on Wednesday, Chevron attorney Theodore Boutrous Jr. said the companies did nothing illegal. He said questions raised by the lawsuit are ones for Congress and regulators, not a judge in New York.

"These cases don't belong in court," Mr. Boutrous said.

ConocoPhillips lawyer John Savarese said it is impossible to prove oil companies are the only cause of climate change. While the companies produce fossil fuels, he said, they don't control how millions of people and businesses use their products.

Matthew Pawa, a lawyer for New York City, said the lawsuit isn't about fossil-fuel emissions dating back to the dawn of the Industrial Era. Rather, he said, the companies produced and sold a product they knew would hurt the environment, including coastal cities like New York.

"They knowingly caused harm," he added.

Judge John Keenan asked Mr. Pawa whether pinning responsibility for fossil fuels' negative environmental consequences would require "complex policy and foreign-policy judgments." Judge Keenan also asked if New York City uses fossil fuels. He then asked, "Doesn't the city invest in some of these companies?"

Mr. Pawa opted out of responding to the questions. In January, Mayor de Blasio and city Comptroller Scott Stringer, also a Democrat, said they would seek to divest city pension funds from fossil-fuel companies within five years.

Judge Keenan didn't say when he would rule on the matter.

Write to Gerald Porter Jr. at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
BP 0.34% 566.028 Delayed Quote.7.98%
EXXON MOBIL CORPORATION -0.31% 80.45 Delayed Quote.-3.52%
ROYAL DUTCH SHELL -0.03% 28.965 Delayed Quote.4.30%
WTI -0.35% 65.33 Delayed Quote.9.15%
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Financials ($)
Sales 2018 38 413 M
EBIT 2018 8 365 M
Net income 2018 4 550 M
Debt 2018 11 162 M
Yield 2018 1,69%
P/E ratio 2018 17,45
P/E ratio 2019 15,94
EV / Sales 2018 2,31x
EV / Sales 2019 2,27x
Capitalization 77 529 M
Chart CONOCOPHILLIPS
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ConocoPhillips Technical Analysis Chart | COP | US20825C1045 | 4-Traders
Technical analysis trends CONOCOPHILLIPS
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 75,5 $
Spread / Average Target 12%
EPS Revisions
Managers
NameTitle
Ryan M. Lance Chairman & Chief Executive Officer
Donald Evert Wallette CFO, Executive VP-Finance & Commercial
Matthew J. Fox EVP-Strategy, Exploration & Technology
Richard Lee Armitage Independent Director
Harald Johan Norvik Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CONOCOPHILLIPS20.71%77 529
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OCCIDENTAL PETROLEUM CORPORATION13.75%64 164
WILLIAMS PARTNERS LP4.80%39 651
CANADIAN NATURAL RESOURCES LIMITED-8.44%39 002