HOUSTON - ConocoPhillips (NYSE:COP), a major player in the petroleum refining industry, announced the resignation of Mr. Eric D. Mullins from its Board of Directors. The departure, effective June 26, 2024, was confirmed in a recent SEC filing. According to the company, Mullins' resignation did not stem from any discord with the company's management or the Board.
Mullins, whose specific reasons for leaving were not disclosed, had been serving as a director for the Delaware-incorporated firm, headquartered at 925 N. Eldridge Parkway, Houston, Texas. ConocoPhillips, with its common stock and 7% Debentures due 2029 listed on the New York Stock Exchange, emphasized that the resignation was amicable.
The company's filing with the SEC, dated July 2, 2024, fulfills its regulatory obligations and provides transparency to investors and the public. ConocoPhillips has not yet announced a successor for Mullins or detailed any changes to its board's composition following his exit.
In other recent news, despite a slow second quarter, optimism remains high about the M&A market's prospects. Data from Dealogic has shown a slight increase in deal volumes, with private equity firms driving a surge in buyout activity, and large transactions remaining robust. Notable deals include ConocoPhillips' acquisition of Marathon Oil (NYSE:MRO) and Johnson & Johnson (NYSE:JNJ)'s purchase of Shockwave Medical (NASDAQ:SWAV). Meanwhile, the U.S. Senate Budget Committee has initiated an investigation into 18 U.S. oil producers, including Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), and ConocoPhillips, for potential illegal coordination with OPEC and OPEC+.
In legal developments, California is seeking to recover profits from major oil companies, including Exxon Mobil, Chevron, and ConocoPhillips, alleging they misled consumers about their impact on climate change. In a related matter, the U.S. Supreme Court has sought input from the Biden administration regarding a lawsuit filed by Honolulu against several major oil companies, including Exxon Mobil, BP (NYSE:BP), and ConocoPhillips, over claims of misleading the public about the risks of climate change.
On the analyst front, Mizuho Securities has lowered its price target for ConocoPhillips to $132, maintaining a neutral stance. This revision follows an analysis of the recent Marathon Oil transaction, which is expected to be accretive to near-term cash flows but dilutive to long-term inventory quality and depth. These are the latest developments in the business world.
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