Energy Industry
Industry: Email Alert RSS FeedCONOCO'S PILOT PLANT COST RISES, 2ND QTR INCOME DROPS 76%
Gas - to - Liquids News, August, 2002
The cost to build Conoco's 400-barrel-per-day (b/d) GTL pilot plant in Ponca City, Okla. has risen $13 million, to a total of $30 million in the quarter, due to higher construction costs, the company reported. "The company conservatively expenses pilot plant costs, rather than capitalizing them, given the research nature of the facility," a company statement said.
The Houston-based company is continuing to establish an international footprint by continuing discussions with several foreign countries to build commercial-scale GTL plants.
In other news, Conoco's 2nd Qtr income fell 76% with a net income of $130 million, or 20 c/share, from $552 million (87 c/share) the previous year.
The drop occurred as a result of "sharply lower natural gas prices and...
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